Question

Craig wants to purchase a boat that costs $1,420. He signs an installment agreement requiring a 20% down payment. He currently has $250 saved. Does he have enough for the down payment?

Answer 1

your answer is $1,386

Answer 2

Answer : He have not enough money for the down payment.

Step-by-step explanation :

As we are given that:

Purchase price of boat = $1420

Down payment rate = 20%

As we know that the down payment is the product of purchase price and down payment rate.

Down payment = Purchase price × 20%

Down payment = $1420 × 0.20

Down payment = $284

From this we conclude that the saving money is less than the down payment. So, he have not enough money for the down payment.

Hence, he have not enough money for the down payment.