Question

A couple is required by their lender to have a down payment of 20% of the purchase price of the home they want to buy. If the couple has saved $35,000, what is the most expensive home the couple can afford to buy?

Answer 1

Down payment is 20% of the price of the home. Since the couple saved $35,000, and assuming they will pay the whole money as down payment, the highest priced home they can get is a price whose 20% is $35,000.

We can setup an equation in x (being the price of home) to get the price of the most expensive home they can buy.

Which number (x) , multiplied by 20%, is equal to $35,000?

$x(0.2)=35,000\\x=\frac{35,000}{0.2} \\x=175,000$

So, the most expensive house they can buy is worth $175,000.

ANSWER: $175,000

Answer 2

The purchasing value of highest priced home is $\boxed{{\mathbf{\ 1,75,000}}}$.

Further explanation:  

Given:

A couple wants to buy a home. They saved $\ 35000$. The down payment of the house is $20\%$ of the purchase price of the home.

Step by step explanation:

Step 1:

First determine the down payment of the house.

If the couple saved $\ 35000$ then they will use the whole amount as the down payment.

Therefore, assume that the couple will pay the whole money as the down payment.

The couple can buy most expensive home whose $20\%$ is $\ 35000$.

Step 2:

The $20\%$ can be represented as,

$\dfrac{{20}}{{100}} = 0.2$  

Therefore, the value of $20\%$ is $0.2$.

Step 3:

Now determine the purchasing price of the house.

If the down payment of highest price home is $\ 3500$ that is $20\%$ of the price of home.

Assume $x$ as the price of the home.

The value of $x$ can be calculated as,

$\begin{aligned}20\% {\text{of }}x &= 35000\\ 0.2x &= 35000 \\x &= \frac{{25000}}{{0.2}} \\ x&= 1,75,000\\\end{aligned}$  

Therefore, the value of highest priced home is $\boxed{{\mathbf{\ 1,75,000}}}$.

Learn more:  

1. Learn more about the distributive property to create an equivalent expression brainly.com/question/3153753
2. Learn m ore about the percentage problem brainly.com/question/5452052
3. Learn more about midpoint of the segment brainly.com/question/3269852

Answer details:

Grade: Junior school

Subject: Mathematics

Chapter: Percentage

Keywords: Down payment, the highest priced, expensive home, equation, multiply, couple, lender, home, afford to buy, purchase, fraction, percentage, price, worth.