Question

A beauty shop sells for $115,000 and a 16% down payment is made, A 15-year mortgage at 4% is obtained, and dosing costs are $4700. Round to the east cent, if necessary.

Find the down payment.

Answer 1

To calculate the down payment for a beauty shop selling for $115,000 with a 16% down payment, multiply the sale price by the down payment percentage, resulting in a down payment of $18,400.

Step-by-step explanation:

The question asks us to calculate the down payment for a beauty shop that sells for $115,000 with a 16% down payment required. The down payment is the initial amount paid when purchasing an item on credit, in this case, a property. To find the down payment, we multiply the sale price by the percentage required for the down payment.

To calculate the down payment:

1. Multiply the sale price ($115,000) by the down payment percentage (16%).
2. Convert the percentage into decimal form by dividing by 100 (16% / 100 = 0.16).
3. The formula becomes: $115,000 * 0.16 = down payment.

Performing the calculation:

$115,000 * 0.16 = $18,400

Therefore, the down payment on the beauty shop would be $18,400.