Question
Tom and Tammy wish to buy a home that lists for $450,000. The bank requires a 20% down payment for the mortgage. What is the minimum amount they need to provide for the down payment?
$112,500
$360,000
$90,000
$9,000
$112,500
$360,000
$90,000
$9,000
Answers
GPT-4o mini
To calculate the down payment required, you need to find 20% of the home's listing price of $450,000.
1. Calculate 20% of $450,000:
\[
0.20 \times 450,000 = 90,000
\]
So, the minimum amount they need to provide for the down payment is **$90,000**.
1. Calculate 20% of $450,000:
\[
0.20 \times 450,000 = 90,000
\]
So, the minimum amount they need to provide for the down payment is **$90,000**.