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Sagot :
The most that Dan and Sue can spend for a home and expect to receive bank approval for their loan when they saved $14,000 for a down payment and with a 20% minimum down payment to obtain a mortgage loan is $70,000
What is down payment?
It is an initial up-front partial payment for the purchase of an expensive items / services such as a car or a house. It usually paid in cash or equivalent at the time to finalize the transaction. It is the term from a company when the customer already fixed to buy the item (especially when a lot of people want the same item). Also, when the customer already paid the down payment and the customer wants to cancel by any reason, usually the customer will lose the down payment (it depends on the contract as well).
Now, let's consider that the couple already saved $14,000 for a down payment on their future home.
The minimum down payment = 20%
Now let's use an equation
where x = the maximum price that the bank can offer
let's consider $14,000 is equal to 20% of the minimum down payment.
x * 0.2 = 14,000
x = $70,000
Therefore, the maximum that the couple able to spend for a home and expect to receive bank approval for their loan is $70,000.
Learn more about down payments https://brainly.com/question/29397199
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