Question

The Owens family has saved up $50,000 for a down pay

saved up $50,000 for a down payment on a house. They are

going to use this money as the 10% down payment their lender is req

make to purchase the house. What is the price of the ne

eune house. What is the price of the house that the Owens family

is buying?

Answer 1

Explanation:

Let the price of the house be P .

10 % of P is demanded as down payment

10 % of P = P x 10 / 100

= P / 10

This down-payment = 50000

P / 10 = 50000

P = $5,00,000 .

Price of house = $5,00,000