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
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