A family buys a studio apartment for $ 120 comma 000. They pay a down payment of $ 24 comma 000.

Question

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.