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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

What is the price of the house if a down payment of 10% is required? Step-by-step explanation: To find out the price of the house, let's use the letter P to represent it. According to the problem, a down payment of 10% of the house price is required. We can calculate 10% of P by multiplying P by 10% or dividing P by 10. Therefore, the down payment amount is P/10, which is also equal to $50,000 according to the problem. We can now set up the equation: P/10 = $50,000 To solve for P, we need to isolate it on one side of the equation. We can do this by multiplying both sides by 10: P = $500,000 Therefore, the price of the house is $500,000.