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Thread: work related: find x when 3% of x =y so that x - y = 115000.

  1. #1
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    Apr 2008
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    work related: find x when 3% of x =y so that x - y = 115000.

    I think I need to find x when 3% of x =y so that x - y = 115000.
    I have a client that can spend $115000 on a home & has no downpayment. The minimum downpayment required is 3% of the purchase price which in this case $115000. So, I am having the seller contribute the required 3% downpayment. But the seller must still net $115000. Can you help?

  2. #2
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    Re: work related

    Quote Originally Posted by lars
    I think I need to find x when 3% of x =y so that x - y = 115000.
    I have a client that can spend $115000 on a home & has no downpayment. The minimum downpayment required is 3% of the purchase price which in this case $115000. So, I am having the seller contribute the required 3% downpayment. But the seller must still net $115000. Can you help?
    Effectively, you need to "raise" the purchase price, so that after deducting the 3% down payment, the seller will receive $115,000.

    Let x = purchase price
    Then 3% of x, or 0.03x is the down payment.

    And you want

    x - .03x = 115000
    0.97x = 115000

    That will give you the purchase price you'll need to work with.

  3. #3
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    Apr 2008
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    Re: work related

    Thank you!

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