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6 October, 12:03

ABC bank requires a 20% down payment on all of its home loans. If a house is priced at $165000 what is the amount of the down payment required by the bank

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  1. 6 October, 14:18
    0
    The required down payment would be 165,000 *.2 = 33,000
  2. 6 October, 14:29
    0
    The correct answer would be $33,000.

    Explanation:

    If a person takes loan from a bank for purchasing his house which is priced $165,000, then this bank can demand a down payment. This down payment can be of different percentage like 10%, 15%, 20%, etc. If the bank demands 20% down payment on all of its home loans, then a person who is going to take loan for purchasing a house of worth 165,000 dollars will have to give a down payment of

    165000 * 20%

    165000 * 0.2

    33000 Dollars
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