Question

calculate the down payment percent using the following information: purchase price: $315,200closing costs: 1.9% of purchase price total move-in cost: $59,572.8015% 16% 17%18%

Answer 1

The down payment percent is approximately 17.01%.

Step-by-step explanation:

To calculate the down payment percent, we first need to calculate the amount of the down payment. The closing costs can be calculated by multiplying the purchase price by 1.9%: $315,200 x 1.9% = $5,987.20. To find the down payment, we subtract the closing costs from the total move-in cost: $59,572.80 - $5,987.20 = $53,585.60.

Now, we can calculate the down payment percent by dividing the down payment by the purchase price and multiplying by 100%: ($53,585.60 / $315,200) x 100% = 17.01%. Therefore, the down payment percent is approximately 17.01%.