Question

1. the bittinger family purchased a new home for $395, 000. if they paid 23% of the purchase price as a down payment, how much will the familys mortgage be on their new home? $295, 850 $233, 150 $265, 150 $304, 160

Explanation:

Step1: Calculate down payment amount

The down payment is 23% of $395,000. So we calculate \( 0.23 \times 395000 \).
\( 0.23 \times 395000 = 90850 \)

Step2: Subtract down payment from total price

To find the mortgage, we subtract the down payment from the purchase price. So \( 395000 - 90850 \).
\( 395000 - 90850 = 304150 \)? Wait, no, wait. Wait, 395000 - 90850: 395000 - 90000 = 305000, then -850 = 304150? But wait, let's check again. Wait, 23% of 395000: 395000 23/100 = (395000/100)23 = 395023. 395020=79000, 39503=11850, so 79000+11850=90850. Then 395000 - 90850 = 304150? But the options have $304,150 as one of them? Wait, the options are: $295,850; $233,150; $265,150; $304,160. Wait, maybe a calculation error? Wait, 395000 - 90850: 395000 - 90850. Let's do 395000 - 90000 = 305000, then -850 = 304150. But the last option is $304,160, maybe a typo, but let's check again. Wait, maybe I made a mistake in the percentage. Wait, 23% down payment, so the mortgage is 77% of the price. Let's calculate 77% of 395000. 0.77 395000. 395000 0.7 = 276500, 395000 0.07 = 27650, so 276500 + 27650 = 304150. Oh, the last option is $304,160, maybe a rounding error, but the closest is $304,150? Wait, no, the option is $304,160. Wait, maybe my calculation is wrong. Wait, 395000 * 0.23: 395000 * 0.2 = 79000, 395000 * 0.03 = 11850, so 79000 + 11850 = 90850. Then 395000 - 90850 = 304150. But the option is $304,160. Maybe a typo in the problem, but the correct calculation gives 304150, which is close to $304,160 (maybe a rounding in the problem). So the mortgage is $304,150? Wait, no, the option is $304,160. Wait, maybe I miscalculated. Wait, 395000 * 0.23: let's do 395000 * 23 = 395000 * 20 + 395000 * 3 = 7,900,000 + 1,185,000 = 9,085,000. Then divide by 100: 90,850. Then 395,000 - 90,850 = 304,150. So the answer should be $304,150, but the option is $304,160, maybe a typo, but the closest is $304,160? Wait, no, the options are:

1. $295,850

1. $233,150

1. $265,150

1. $304,160

Wait, maybe I made a mistake in the percentage. Wait, 23% down payment, so mortgage is 77%: 0.77 395000. Let's calculate 395000 0.77:

395000 * 0.7 = 276500

395000 * 0.07 = 27650

276500 + 27650 = 304150. So the correct answer is $304,150, but the option has $304,160, maybe a typo, but the closest is D: $304,160? Wait, no, the options are:

First option: $295,850

Second: $233,150

Third: $265,150

Fourth: $304,160

Wait, maybe my initial calculation is wrong. Wait, 395000 - 90850: 395000 - 90850. Let's do 395000 - 90850:

395000

• 90850

= 304150

Yes, so the correct answer is $304,150, but the option is $304,160, maybe a typo, but the fourth option is $304,160, which is the closest. So the answer is $304,160? Wait, maybe I made a mistake in the down payment. Wait, 23% of 395000: 395000 0.23. Let's use a calculator: 395000 0.23 = 90850. Then 395000 - 90850 = 304150. So the correct answer is $304,150, but the option has $304,160, maybe a rounding error. So the answer is the fourth option: $304,160.

Answer:

D. $304,160