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
Your problem makes no sense.
To determine the down payment and the amount to be financed for each home, you can use the information given in the question.
(a) $360,360; 10% down:
To calculate the down payment, multiply the home price ($360,360) by the down payment percentage (10% or 0.1):
Down payment = $360,360 * 0.1 = $36,036
To calculate the amount to be financed, subtract the down payment from the home price:
Amount to be financed = $360,360 - $36,036 = $324,324
Therefore, the down payment for this home is $36,036, and the amount to be financed is $324,324.
(b) $960,000; 20% down:
To calculate the down payment, multiply the home price ($960,000) by the down payment percentage (20% or 0.2):
Down payment = $960,000 * 0.2 = $192,000
To calculate the amount to be financed, subtract the down payment from the home price:
Amount to be financed = $960,000 - $192,000 = $768,000
Therefore, the down payment for this home is $192,000, and the amount to be financed is $768,000.