Question

Adam Wilcox is purchasing a home for $189,000. The bank is willing to finance the purchase if Wilcox can make a down payment of ¼ of the selling price. How much money will he need for the down payment?

Answer 1

Adam Wilcox needs to prepare the amount for down payment of the house he was planning to purchase which is 1/4 or 25% of the selling price. Since the price of the house is given which is equal to  $189,000, we can now solve the 25% of this by multiplying the selling price by 0.25. The calculation will be $189,000*0.25=$47,250. Therefore, Adam Wilcox needs to pay $47,250 in order for the bank to finance the purchasing of the home.