Question

A family buys a studio apartment for $ 120 comma 000. They pay a down payment of $ 24 comma 000.
a. Their down payment is what percent of the purchase​ price?
b. What percent of the purchase price would anothing ​$48 comma 000 down payment​ be?
Question content area bottom
Part 1
a. The down payment is
  
enter your response here​% of the purchase price.
​(Type a whole​ number.)

Answer 1

To calculate the percentage of the down payment relative to the purchase price, you can use the following formula:

\[
\text{Percentage} = \left( \frac{\text{Down Payment}}{\text{Purchase Price}} \right) \times 100
\]

### Part a:
1. **Down Payment**: \$24,000
2. **Purchase Price**: \$120,000

Using the formula:

\[
\text{Percentage} = \left( \frac{24,000}{120,000} \right) \times 100
\]

\[
= \left( 0.2 \right) \times 100 = 20\%
\]

So, the down payment is **20%** of the purchase price.

### Part b:
If the down payment is \$48,000, we can use the same formula:

1. **New Down Payment**: \$48,000

Using the formula:

\[
\text{Percentage} = \left( \frac{48,000}{120,000} \right) \times 100
\]

\[
= \left( 0.4 \right) \times 100 = 40\%
\]

So, a down payment of \$48,000 would be **40%** of the purchase price.