Question

Jessica decided to use 15% of her gross income for her down payment for a house. She makes 48,960.00 per year. How much money did jessica's budget allow for the down pyment

Answer 1

`Down\ payment = 7,344`

Explanation:

Let x be the amount of 15% of gross income.

Given:

Jessica gross income = 48,960.00

She decided to use 15% amount as down payment.

We need to find the amount of 15% of gross income.

Solution:

Using percentage formula.

`percentage = ((Value)/(Total\ value))* 100`

Now we substitute 15 in the place of percentage and 48,960 in the place of Total value.

`15=((x)/(48960))* 100`

Now, we apply cross multiplication rule.

`x= (48960* 15)/(100)`

`x=48960* 0.15`

`x =7,344`

Therefore: Down payment is 7,344.