Determine the down payment and the amount to be financed for each home described below.

Question

(a) $340,340; 10% down
The down payment is $
The amount to be financed is $

(b) $870,000; 20% down
The down payment is $
The amount to be financed is $

Answer 1

(a) $340,340; 10% down

340,340 * 0.1 = $34,034 is the down payment

340,340 - 34,034 = $306,306 is the amount to be financed.

I'll be glad to check your answer for part (b).