Question

Kendra would like to buy a vehicle priced at $7,300. Assume she has saved 25% of the purchase price for a down payment. How much money does she need to finance?

Answer 1

$5,475

Explanation:

We are given the following information:

• Kendra would like to buy a vehicle for $7,300
• she has 25% of the purchase price saved already

We are asked to find how much money she needs to be able to afford the purchase price. We can model this with the equation:

(amount saved) + (amount needed) = purchase price

Now, we can plug in the given values for amount saved and purchase price, then solve for amount needed:

25% × ($7,300) + (amount needed) = $7,300

↓ evaluating the multiplication (remember that 25% = 0.25)

$1,825 + (amount needed) = $7,300

↓ subtracting $1,825 from both sides

amount needed = $7,300 - $1,825

↓ evaluating the subtraction

amount needed = $5,475

So, Kendra needs to finance $5,475.