Question

Investors buy a studio apartment for $150,000. Of this amount, they have a down payment of $15,000. Their down payment is what percent of the purchase price? What percent of the purchase price would a $52,500 down payment be?

Answer 1

a. 10%

b. 35%

Step-by-step explanation

The purchase price of the studio apartment is $150,000.

To find the percentage of the purchase price the down payment is, we have to divide the down payment by the purchase price and multiply by 100.

When the down payment is $15,000, the percentage is:

`\begin{gathered} (15000)/(150000)\cdot\text{ 100} \\ =\text{ 10\%} \end{gathered}`

When the down payment is $52,500, the percentage is:

`\begin{gathered} (52500)/(150000)\cdot\text{ 100} \\ \text{ = 35\%} \end{gathered}`

That is the answer.