Determine the down payment and the amount to be financed for each home described below.(a) $460,460; 10% down
The amount to be financed is $ The down payment is $
(b) $730,000; 20% down The amount to be financed is $
The down payment is $
I need help with this.Please show me the steps to this problem.
To figure out the down payment percentage multiply dollar amount by decimal for percent. For example 10% is .10 20% is .20 5% is .05 etc.
Then to figure out the amount to be financed subtract the down payment from the original amount.
Does this help?
Yes this help a lot. Thanks.
What I came up with is (a)amount to be financed is $46,046 the down payment is 414,414 (b)amount to be financed is $584,000 the down payment is $146,000 is this correct.
To determine the down payment and the amount to be financed for each home, follow these steps:
(a) Home cost: $460,460
Down payment percentage: 10%
Step 1: Calculate the down payment amount
Down payment amount = Home cost * (Down payment percentage / 100)
Down payment amount = $460,460 * (10 / 100)
Down payment amount = $460,460 * 0.10
Down payment amount = $46,046
Step 2: Calculate the amount to be financed
Amount to be financed = Home cost - Down payment amount
Amount to be financed = $460,460 - $46,046
Amount to be financed = $414,414
Therefore, for home (a), the down payment is $46,046 and the amount to be financed is $414,414.
(b) Home cost: $730,000
Down payment percentage: 20%
Step 1: Calculate the down payment amount
Down payment amount = Home cost * (Down payment percentage / 100)
Down payment amount = $730,000 * (20 / 100)
Down payment amount = $730,000 * 0.20
Down payment amount = $146,000
Step 2: Calculate the amount to be financed
Amount to be financed = Home cost - Down payment amount
Amount to be financed = $730,000 - $146,000
Amount to be financed = $584,000
Therefore, for home (b), the down payment is $146,000 and the amount to be financed is $584,000.