Question

What is the down payment percentage for a purchase with a price of $350,000, financed amount of $297,500, and closing costs?

a) 10%
b) 15%
c) 20%
d) 25%

Answer 1

The down payment percentage for a purchase with a price of $350,000 and a financed amount of $297,500 is 15%.

Step-by-step explanation:

The down payment percentage for a purchase with a price of $350,000 and a financed amount of $297,500 can be calculated by subtracting the financed amount from the purchase price to find the down payment amount. The down payment is $350,000 - $297,500 = $52,500. To find the down payment percentage, we divide the down payment amount by the purchase price and multiply by 100. The down payment percentage is ($52,500 / $350,000) x 100 = 15%.