7
QuizMultiple Choice

Qualifying for a Home Loan

Question 7 • 26-27 Ignite Financial Literacy Personal Finance - EL3403

Krista and Nick put a down payment of 20% on the purchase of their house, and then financed $200,000. What was the purchase price of the house?

Answer
A
$160,000
B
$220,000
C
$240,000
D
$250,000

Explanation

The $200,000 they financed is the remaining 80% of the house price, since they paid 20% as a down payment. Divide $200,000 by 0.80 to find the full price: $250,000. The purchase price was $250,000 (choice D).

AI-written and checked against the verified answer.

Previous
Next