You have found a house that you would like to purchase. The amount of the home is $225,000. You would like to finance the home through your local credit union but they require a 10% down payment. Determine the amount needed for the down payment so that the bank will finance the home purchase.
A 10% down payment is 10% of the home’s $225,000 price. Calculate $225,000 × 0.10 = $22,500, so the down payment needed is $22,500 (choice A).
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