5
Myra was given the following problem.
The Owens family has saved up $50,000 for a down payment on a house. They are
oing to use this money as the 10% down payment their lender is requiring them to
make to purchase the house. What is the price of the house that the Owens family!
is buying?
When Myra solved this problem, she decided to take 10% of $50,000, and she got an
answer of $5,000. She knows that this number is too low to be the price of a house.
Explain to Myra in your own words how to solve the problem correctly. You may
set up the equation any way you'd like to in your explanation, but you must include
a variable x that represents the total price of the house in your equation.