Determine the amount to be financed for a home with a price of $150,500 and a down payment of 20%.
A) $\$ 30,100$
B) $\$ 150,500$
C) $\$ 180,600$
D) $\$ 120,400$
E) $\$ 147,490$

Question

Quizplus · Accepted Answer

The amount to be financed is the home price minus the down payment. A 20% down payment on $150,500 is $30,100 (20% of $150,500), so the amount to be financed is $150,500 - $30,100 = $120,400.

Determine the Amount to Be Financed for a Home with a Price