425 points
Kellan wants to buy a house. He will qualify for a lower interest rate if he makes a $20 \%$ down payment. If the purchase price of the home is $\$ 219,767$, how much will he need to borrow from the bank?
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Answer
So, the final answer is Kellan will need to borrow \(\boxed{175,813.6}\) from the bank.
Step 1 ：Calculate the down payment which is 20% of the purchase price of the home. So, \(0.20 \times 219,767 = 43,953.4\)
Step 2 ：To find out how much Kellan will need to borrow from the bank, subtract the down payment from the purchase price of the home. So, \(219,767 - 43,953.4 = 175,813.6\)
Step 3 ：To check our work, we can add the down payment and the amount borrowed to make sure it equals the purchase price of the home. So, \(43,953.4 + 175,813.6 = 219,767\)
Step 4 ：So, the final answer is Kellan will need to borrow \(\boxed{175,813.6}\) from the bank.
