Tina is interested in buying a $146,000 home. How big does her down payment need to be in order to avoid PMI?
2 answers:
Answer:
Her down payment needs to be at least $29,200.
Explanation:
If your down payment is 20% of the price of the home, you do not need to pay for private mortgage insurance.
This question can be solved as a rule of three. $146,000, the price of the home, is decimal 1. How much is decimal 0.2, that is, 20%?
146000 - 1
x - 0.2
Her down payment needs to be at least $29,200.
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