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

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.