Question

family buys a studio apartment for $140,000. They pay a down payment of $21,000. a. Their down payment is what percent of the purchase​ price? b. What percent of the purchase price would a ​$49,000 down payment​ be?

Answer 1

A. 15% of the purchase price.

B. 35% of the purchase price.

Explanation:

PART A

Down Payment Percent = (Down Payment / Purchase Price) * 100

Down Payment = $21,000

Purchase Price = $140,000

Down Payment Percent = (21,000 / 140,000) * 100

Down Payment Percent = (3/20) * 100

Down Payment Percent = 15%

So, their down payment is 15% of the purchase price.

PART B

Down Payment = $49,000

Purchase Price = $140,000

Down Payment Percent = (49,000 / 140,000) * 100

Down Payment Percent = (7/20) * 100

Down Payment Percent = 35%

A $49,000 down payment would be 35% of the purchase price.