Question

The Washingtons but a studio apartment for $240,000. They pay a down payment of 60,000. Their down payment is what percent of the purchase price?

Answer 1

The down payment made by the Washingtons is 25 percent of the purchase price of the studio apartment. This is calculated by dividing the down payment amount by the purchase price and then multiplying by 100.

Step-by-step explanation:

The Washingtons purchased a studio apartment for $240,000 and made a down payment of $60,000. To determine what percentage the down payment is of the purchase price, you would use the formula for finding a percentage which is:

(Part / Total) * 100 = Percentage

So in this case:

(60,000 / 240,000) * 100 = 25%

The down payment of $60,000 is 25 percent of the purchase price of $240,000. This exceeds the 20 percent 'rule of thumb' that is often suggested for home purchases to avoid paying for mortgage insurance.

Answer 2

you do the change in price, which is 60,000, and you divide that by the original price, which is 240,000.

so you'd get .25 and that is 25%