Question

Determine the down payment and the amount to be financed for each home described below.(a) $460,460; 10% down
The amount to be financed is $ The down payment is $
(b) $730,000; 20% down The amount to be financed is $
The down payment is $
I need help with this.Please show me the steps to this problem.

Answer 1

To figure out the down payment percentage multiply dollar amount by decimal for percent. For example 10% is .10 20% is .20 5% is .05 etc.

Then to figure out the amount to be financed subtract the down payment from the original amount.

Does this help?

Answer 2

Yes this help a lot. Thanks.
What I came up with is (a)amount to be financed is $46,046 the down payment is 414,414 (b)amount to be financed is $584,000 the down payment is $146,000 is this correct.