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

lars

New member
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? Mrspi Senior Member Re: work related lars said: 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.

Re: work related

Thank you!