Question

Investors buy a studio apartment for 240,000 dollars. Of this amount, they have a down payment of 24.00 dollars. their down payment is what percent of the purchase price? what percent of the purchase price would a 12.00 dollar down payment be?

Answer 1

The answer to the first question would be 1% of the purchase price and the answer to the second question would be 0.5 % of the purchase price.

Answer 2

The percent of the purchase price is, 0.01 %

The percent of the purchase price is, 0.005 %

Explanation:

For part 1 :

Given:

Total amount = $240,000

Amount of down payment = $24.00

Formula used to calculate the percent of the purchase price.

`\text{Percent of the purchase price}=\frac{\text{Amount of down payment}}{\text{Total amount}}* 100`

`\text{Percent of the purchase price}=(\$ 24.00)/(\$ 240,000)* 100`

`\text{Percent of the purchase price}=0.01\%`

Thus, the percent of the purchase price is, 0.01 %

For part 2 :

Given:

Total amount = $240,000

Amount of down payment = $12.00

Formula used to calculate the percent of the purchase price.

`\text{Percent of the purchase price}=\frac{\text{Amount of down payment}}{\text{Total amount}}* 100`

`\text{Percent of the purchase price}=(\$ 12.00)/(\$ 240,000)* 100`

`\text{Percent of the purchase price}=0.005\%`

Thus, the percent of the purchase price is, 0.005 %