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A lender requires a minimum down payment of 18% of the value of the home. You have $22,000 cash available to use as a down payment toward a home. Determine the maximum home value that you can finance.

Respuesta :

babyytaeee21
$18,040. $22,000 x 18% = $3,960.
$22,000 - $3,960 = $18,040.

The maximum amount that can be financed is $156,250.

The maximum home value

Minimum down payment required by the lender = 16% of the value of home

Available cash in hand = $25,000

Now,

the  maximum amount of down payment that can be paid = $25,000

let the maximum amount that can be financed is 'x'

also,

16% of x = $25,000

or

0.16 × x = $25,000

or

x = [tex]\frac{\$ 25,000}{0.16}[/tex]

or

x = $156,250.

Hence, the maximum amount that can be financed is $156,250.

To know more about maximum home value refer to:

https://brainly.com/question/14643262

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