Question

Investors buy a studio apartment for $120,000. Of this amount, they have a down payment of $36,000. Their down payment is what percent of the purchase price? What percent of the purchase price would a $54,000 down payment be?

a) Their down payment is 30% of the purchase price.
b) Their down payment is 20% of the purchase price.
c) Their down payment is 25% of the purchase price.
d) Their down payment is 45% of the purchase price.

Answer 1

The down payment of $36,000 is 30% of the purchase price of the studio apartment. A $54,000 down payment would be 45% of the purchase price.

Step-by-step explanation:

The question is regarding the calculation of the percent of the down payment in relation to the purchase price of a studio apartment. To find the percent, you divide the down payment by the purchase price and then multiply by 100. For the first down payment made of $36,000 on a purchase price of $120,000, the calculation is as follows: ($36,000 ÷ $120,000) × 100 = 30%. Therefore, their down payment is 30% of the purchase price.

For a down payment of $54,000, the calculation would be: ($54,000 ÷ $120,000) × 100 = 45%. So, a $54,000 down payment would be 45% of the purchase price.

To find the down payment as a percentage of the purchase price, divide the down payment amount by the purchase price and multiply by 100. For the first scenario, the down payment is $36,000 out of $120,000, which simplifies to 3 out of 10 or 30%. Therefore, the correct answer is a) Their down payment is 30% of the purchase price.

For the second scenario, if the down payment is $54,000 and the purchase price is unknown, we cannot determine the exact percentage. We only know that the down payment is more than 30% because $54,000 is greater than $36,000. So, none of the given options (a, b, c, d) apply.

Answer 2

The investors' down payment of $36,000 is 30% of the purchase price of $120,000 for the studio apartment. If the down payment was $54,000, it would be 45% of the purchase price.

Step-by-step explanation:

To calculate the percentage of the down payment in relation to the purchase price, you can use the formula: Percentage = (Down Payment / Purchase Price) x 100%. For the first part of the question, the investors make a down payment of $36,000 on a studio apartment with a purchase price of $120,000. Using the formula, we can calculate the percentage as follows:a

Percentage = ($36,000 / $120,000) x 100% = 30%

This means that the investors' down payment is 30% of the purchase price of the studio apartment, which answers the first part of the question and corresponds to option a). For the second part of the question, if the down payment was $54,000, the calculation would be:

Percentage = ($54,000 / $120,000) x 100% = 45%

Therefore, a $54,000 down payment would be 45% of the purchase price of the studio apartment.