Question

Lance and Mary are buying a piece of property. The property cost $64,975. The bank is requiring a 20% down payment. About how much money will they need for a down payment?

Answer 1

Lance and Mary will need approximately $12,995 for a down payment on the property.

Step-by-step explanation:

To calculate the amount of money needed for a down payment, you need to find 20% of the property cost. In this case, the property cost is $64,975.

Step 1: Convert 20% to a decimal by dividing it by 100: 20/100 = 0.2

Step 2: Multiply the property cost by 0.2: $64,975 * 0.2 = $12,995

Therefore, Lance and Mary will need approximately $12,995 for a down payment on the property.