Question

Investors buy a studio apartment for $120,000. Of this​ amount, they have a down payment of $12,000 . Their down payment is what percent of the purchase​ price? What percent of the purchase price would a ​$42,000 down payment​ be?

Answer 1

The percentage for both the cases would be 100% and 35% respectively

Explanation:

The computation of the percentage of down payment to the purchase price would be:

In the first case, the percentage would be

= Down payment ÷ Total amount

= $12,000 ÷ $120,000

= 100%

For the second case, the percentage would be

= Down payment ÷ Total amount

= $42,000 ÷ $120,000

= 35%

The percentage for both the cases would be 100% and 35% respectively