A lender requires a minimum down payment of 12% of the value of the home.  You have $40,911 cash available to use as a down payment toward a home.  Determine the maximum home value that you can finance.  Round your answer to the nearest dollar as needed.

To determine the maximum home value you can finance, given a 12% down payment requirement and $40,911 available as a down payment, we can use the following steps:

1. Let $ V $ be the value of the home.
2. The down payment required is 12% of the home value, so the equation for the down payment is:
   \[
   0.12 \times V = 40,911
   \]
3. Solving for $ V $:
   \[
   V = \frac{40,911}{0.12}
   \]

Now let's calculate the result:

\[
V = \frac{40,911}{0.12} = 340,925.00
\]

So, the maximum home value you can finance is **$340,925**.

Would you like more details or have any questions?

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Here are 5 related questions for practice:
1. If the down payment required was 15%, what would the maximum home value be?
2. How much would you need to save if the house you want costs $400,000 and requires a 12% down payment?
3. What is the minimum percentage down payment required if the house you want costs $500,000 and you only have $50,000 for a down payment?
4. How much would the down payment be for a house worth $350,000 if the down payment is 10%?
5. If you could only afford a down payment of $30,000, what is the maximum home value with a 12% down payment?

**Tip:** Always consider additional costs, like closing fees or taxes, when calculating how much home you can afford!

A lender requires a minimum down payment of 12% of the value of the home. You have $40,911 cash available to use as a down payment toward a home. Determine the maximum home value that you can finance. Round your answer to the nearest dollar as needed.

Learn how to determine the maximum home value you can afford based on a 12% down payment requirement and $40,911 available cash. This problem covers key algebraic concepts, including percentage calculations and linear equations. Suitable for students in Grades 8-10.

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