Let the price of the home be represented by P
The question also indicates that a payment of 24,800 represents 16% of the price.
We can represent this expression mathematically as shown below:
[tex]\begin{gathered} 16\text{ \%=}\frac{16}{100} \\ 16\text{ \% of P= }\frac{16}{100}\text{ x P} \\ \Rightarrow\text{ }\frac{16\text{ P}}{100} \\ \Rightarrow\text{ 0.16P} \end{gathered}[/tex]Since 0.16P represents 24,800
then 0.16P = 24, 800
[tex]\begin{gathered} \text{To Solve this equation, we shall divide both sides by the coefficient of P} \\ \text{The coeffient of P is 0.16} \\ \Rightarrow\text{ }\frac{0.16P}{0.16}\text{ =}\frac{24,\text{ 800}}{0.16} \\ \Rightarrow\text{ P = 155,000} \end{gathered}[/tex]Therefore, the price of the home is 155,000