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

Question

a newly couple  made a down payment  11,000 on a house they still owe 96% of the selling price. What was the selling price? please do the probl;em out so I can see how its done thank You

Answer 1

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

Answer 2

x= selling price

 

100%-96% = 4%

 

11000= .04X

 

X= 275,000

 

275,000-11,000 = 264,000...the balance!

Answer 3

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