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Maya wants to buy a home for $550,000, but can only get a loan from the bank for $522,500. How much money does Maya have to put down in order to pay for the home? Answer:

Maya wants to buy a home for $550,000 \$ 550,000 , but can only get a loan from the bank for $522,500 \$ 522,500 . How much money does Maya have to put down in order to pay for the home?\newlineAnswer:

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Q. Maya wants to buy a home for $550,000 \$ 550,000 , but can only get a loan from the bank for $522,500 \$ 522,500 . How much money does Maya have to put down in order to pay for the home?\newlineAnswer:
  1. Identify Costs: Identify the total cost of the home and the amount of the loan Maya can get from the bank.\newlineTotal cost of the home: $550,000\$550,000\newlineAmount of the loan: $522,500\$522,500\newlineTo find out how much Maya has to put down, we need to subtract the loan amount from the total cost of the home.
  2. Calculate Down Payment: Calculate the down payment by subtracting the loan amount from the total cost of the home.\newlineDown payment = Total cost of the home - Loan amount\newlineDown payment = $550,000\$550,000 - $522,500\$522,500\newlineDown payment = $27,500\$27,500\newlineMaya has to put down $27,500\$27,500 to pay for the home.

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