Question

A family buys a studio apartment for $140,000 They pay a down payment of $35,000

a. Their down payment is what percent of the purchase​ price?
b. What percent of the purchase price would a ​$7,000 down payment​ be?

Answer 1

a. Their down payment is 25% of the purchase price.

Calculation:

Down payment ÷ Purchase price = Percentage

$35,000 ÷ $140,000 = 0.25 = 25%

b. A $7,000 down payment would be 5% of the purchase price.

Calculation:

Down payment ÷ Purchase price = Percentage

$7,000 ÷ $140,000 = 0.05 = 5%