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The Smith family paid 22% of the purchase price of a $231,000 home as a down payment. What was the a...
4 months ago
Q:
The Smith family paid 22% of the purchase price of a $231,000 home as a down payment. What was the amount of the down payment?
Accepted Solution
A:
Total purchase price the Smith Family Paid = $231,000
Percentage of the amount paid in Down Payment = 22%
This means 22% of the total purchase price was paid in down payment.
The formula to calculate percentage in this case will be:
Percentage Price = (Amount Paid in Down Payment/Total Price) x 100%
Using the values, we get:
22% = (Amount Paid in Down Payment) / 231,000 x 100%
0.22 = (Amount Paid in Down Payment) / 231,000
Amount Paid in Down Payment = 0.22 x 231000 = $50, 820
This means, The Smith Family paid $50, 820 as down payment.