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You have saved $22,000 for a down payment on a house. Your bank requires a minimum down payment of 11%. What is the maximum price you can offer for a home in order to have enough money for the down payment? (Round your answer to two decimal places.)

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sqdancefan

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Answer:

  $200,000

Step-by-step explanation:

If P is the offer price, you want ...

  0.11P = 22000

  P = 22000/0.11

  P = 200,000

You can offer up to $200,000.

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