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

lars

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Joined
Apr 7, 2008
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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

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Joined
Dec 17, 2005
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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.
 

lars

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Apr 7, 2008
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Re: work related

Thank you! :D
 
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