20
QuizMultiple Choice

Mortgages and Home Ownership — Unit test

Question 20 • Personal Finance - EL3403

A down payment is usually what percentage of the asking price of a home?

Answer
A
0–5 percent
B
5–20 percent
C
20–50 percent
D
50–75 percent

Explanation

A typical down payment is often around 5–20% of a home's asking price, though the amount varies by loan type and buyer. For example, on a $300,000 home, that range would be $15,000–$60,000. So the correct choice is 5–20 percent.

AI-written and checked against the verified answer.

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