Question

Your purchase costs $2,335 and you plan on using an installment plan to pay for it. If you make a 20%

down payment, what is the amount of the down payment?

Answer 1

To calculate the amount of the down payment, we can use the formula:

Down payment = Purchase price x Down payment percentage

where:

Purchase price = $2,335

Down payment percentage = 20% = 0.20

Plugging in the values, we get:

Down payment = $2,335 x 0.20

Down payment = $467

Therefore, the amount of the down payment is $467.