A cattle rancher purchased a home for $290,000. The bank requires a down payment of 15% of the purchase price.
a. Find the down payment.
b. Find the mortgage.

Name: A cattle rancher purchased a home for $290,000. The bank requires a down payment of 15% of the purchase price. a. Find the down payment. b. Find the mortgage.
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Question

A cattle rancher purchased a home for $290,000. The bank requires a down payment of 15% of the purchase price. 
a. Find the down payment.
b. Find the mortgage.

Quizplus · Accepted Answer

a. 15% of $290,000 is $43,500.
b. The mortgage is the difference between the purchase price and the down payment, so it's $246,500 ($290,000 - $43,500).

A Cattle Rancher Purchased a Home for $290,000