Question

Homebuyers who don't make a down payment of at least 20% may be required to take out PMI (Private Mortgage Insurance). On a $200,000 loan, the premiums can cost more than $100 per month. What would be the minimum down payment on a $200,000 loan?

Answer 1

Can you find 20% of 200000?

Answer 2

\[.20\times200000=???\]

Answer 3

40000

Answer 4

is that solved?

Answer 5

$40,000 is the answer.