Understanding Home Financing

The video tutorial explains how to calculate the down payment and the financed amount for a home purchase. Janelle buys a home for $210,000, paying 12% as a down payment. The tutorial demonstrates converting the percentage to a decimal and multiplying it by the home price to find the down payment of $25,200. It then calculates the financed amount by subtracting the down payment from the total home cost, resulting in $184,800. The video aims to help viewers understand these financial calculations in home buying.

What is the total cost of the home Janelle bought?

• $210,000

• $200,000

• $230,000

• $220,000

What percentage of the home price did Janelle pay as a down payment?

• 15%

• 20%

• 12%

• 10%

How do you convert a percentage to a decimal for calculation purposes?

• Divide by 10

• Divide by 100

• Add 0.1

• Multiply by 100

What is the down payment amount Janelle paid?

• $20,000

• $24,000

• $25,200

• $26,000

After the down payment, what is the remaining amount Janelle needs to finance?

• $180,000

• $184,800

• $200,000

• $190,000

What is the formula to calculate the financed amount?

• Down payment times home cost

• Home cost minus down payment

• Home cost divided by down payment

• Home cost plus down payment

What is the total amount Janelle financed after the down payment?

• $184,800

• $186,000

• $182,000

• $180,000