Determine the down payment and the amount to be financed for each home described below.
(a) $360,360; 10% down
The down payment is $ 1
The amount to be financed is $ 2
(b) $960,000; 20% down
The down payment is $ 3
The amount to be financed is $ 4
Don't know if I answer this right
If these are your answers, you are way, way off.
The down payment is $ 1
The amount to be financed is $ 2
no these are my answers.
To determine the down payment and the amount to be financed for each home, we can use the given information.
(a) $360,360; 10% down
To find the down payment, multiply the total price of the home by the down payment percentage:
Down payment = $360,360 * 10% = $36,036
To find the amount to be financed, subtract the down payment from the total price:
Amount to be financed = $360,360 - $36,036 = $324,324
Therefore, the down payment for home (a) is $36,036, and the amount to be financed is $324,324.
(b) $960,000; 20% down
Similarly, to find the down payment, multiply the total price of the home by the down payment percentage:
Down payment = $960,000 * 20% = $192,000
To find the amount to be financed, subtract the down payment from the total price:
Amount to be financed = $960,000 - $192,000 = $768,000
Therefore, the down payment for home (b) is $192,000, and the amount to be financed is $768,000.
Your answers seem incorrect. The down payment for home (a) should be $36,036, and for home (b) should be $192,000, while the amount to be financed for home (a) should be $324,324, and for home (b) should be $768,000.