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aNEWLY COUPLE MADe a down payment og 11,000on a house. They still owe 96%

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3 Answers

Hi Timeka,
         You were told that the down payment is $11,000 and that it must represent 4% of the selling price (100-96 = 4) so we can write an equation involving the selling price P which is
 
.04xP= 11,000 . i.e. the couple were required to put 4% (4/100) of the selling price down. So solving for P gives P=11,000/.04 or $275,000. So the selling price is $275,000 they put $11,000 down so the still owe $264,000 which is (264,000/275,000) or 96% .
 
Hope this helps you
Jim S

Comments

Price of the house 100% - 11,000 = 96% (rest of the house after down payment)
So 11,000 = 4%
 
Solve for the total price of the house by equation:
 
11,000/4% = X/100% Cross multiply
 
4x = 1,100,000 
x = 275,000 total price of the house
 
P.S they still owe 275,000 - 11,000 = 264,000
 

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