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David wants to buy a home for $730,000. If he wants to make a down payment of 24%, then how much does David need to borrow from the bank? Answer:

David wants to buy a home for $730,000 \$ 730,000 . If he wants to make a down payment of 24% 24 \% , then how much does David need to borrow from the bank?\newlineAnswer:

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Full solution

Q. David wants to buy a home for $730,000 \$ 730,000 . If he wants to make a down payment of 24% 24 \% , then how much does David need to borrow from the bank?\newlineAnswer:
  1. Calculate Down Payment Percentage: Determine the percentage of the home price that David will pay as a down payment. \newlineDown payment percentage = 24%24\%
  2. Calculate Down Payment Amount: Calculate the down payment amount in dollars.\newlineDown payment amount = Home price ×\times Down payment percentage\newlineDown payment amount = $730,000×0.24\$730,000 \times 0.24
  3. Perform Down Payment Calculation: Perform the calculation to find the down payment amount. Down payment amount = $730,000×0.24=$175,200\$730,000 \times 0.24 = \$175,200
  4. Calculate Amount to Borrow: Calculate the amount David needs to borrow from the bank by subtracting the down payment from the home price.\newlineAmount to borrow = Home price - Down payment amount\newlineAmount to borrow = $730,000\$730,000 - $175,200\$175,200
  5. Perform Borrow Amount Calculation: Perform the calculation to find the amount David needs to borrow.\newlineAmount to borrow = $730,000−$175,200=$554,800\$730,000 - \$175,200 = \$554,800

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