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The question asks for the **required down payment** on a condominium priced at $96,000, with a **5% down payment** required by the bank.

To calculate the down payment, use the formula:

\[
\text{Down Payment} = \text{Price} \times \text{Down Payment Percentage}
\]

In this case:

\[
\text{Down Payment} = 96,000 \times 0.05
\]

I'll calculate that now.The required down payment for the condominium is **$4,800**.

Would you like to proceed with further parts of the question or require more details on this calculation?

Here are some related questions you might consider:
1. How do you calculate the loan amount after the down payment?
2. How does a 30-year mortgage affect monthly payments?
3. How is the interest portion of a mortgage payment calculated?
4. What is the total cost of the loan over 30 years?
5. How would changing the interest rate affect monthly payments?

**Tip:** Always confirm whether there are additional fees (like closing costs) when calculating the total amount needed for a home purchase.

The price of a condominium is $96,000. The bank requires a 5% down payment and one point at the time of closing. The cost of the condominium is financed with a 30-year fixed-rate mortgage at 9.5%.

Learn how to calculate the down payment and monthly mortgage payment for a $96,000 condominium with a 5% down payment and a 30-year fixed mortgage at 9.5% interest. Step-by-step guide to percentage and mortgage amortization calculations. Ideal for students in Grades 9-12.

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