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Kylie wants to buy a home for $560,000. If she wants to make a down payment of 25%, then how much does Kylie need to borrow from the bank? Answer:

Kylie wants to buy a home for $560,000 \$ 560,000 . If she wants to make a down payment of 25% 25 \% , then how much does Kylie need to borrow from the bank?\newlineAnswer:

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Full solution

Q. Kylie wants to buy a home for $560,000 \$ 560,000 . If she wants to make a down payment of 25% 25 \% , then how much does Kylie need to borrow from the bank?\newlineAnswer:
  1. Calculate Down Payment: To determine the amount Kylie needs to borrow from the bank, we first need to calculate the down payment she will make.\newlineDown payment percentage: 25%25\%\newlineHome price: $560,000\$560,000\newlineDown payment calculation: Home price ×\times Down payment percentage\newline$560,000×0.25\$560,000 \times 0.25
  2. Find Amount to Borrow: Now, let's perform the calculation to find the down payment amount.\newline$560,000×0.25=$140,000\$560,000 \times 0.25 = \$140,000\newlineThis is the amount Kylie will pay as a down payment.
  3. Perform Subtraction: Next, we need to subtract the down payment from the total price of the home to find out how much Kylie needs to borrow from the bank.\newlineTotal home price - Down payment = Amount to borrow\newline$560,000−$140,000\$560,000 - \$140,000
  4. Perform Subtraction: Next, we need to subtract the down payment from the total price of the home to find out how much Kylie needs to borrow from the bank.\newlineTotal home price - Down payment = Amount to borrow\newline$560,000−$140,000\$560,000 - \$140,000Let's do the subtraction to find the final amount Kylie needs to borrow.\newline$560,000−$140,000=$420,000\$560,000 - \$140,000 = \$420,000\newlineKylie needs to borrow $420,000\$420,000 from the bank.

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