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

Question

(a) $360,360; 10% down
The down payment is $ 1
The amount to be financed is $ 2

(b) $960,000; 20% down
The down payment is $ 3
The amount to be financed is $ 4

Answer 1

a. Down = 0.1 * 360,360 = $36036.

Amt Financed=360360 - 36036=$324,324

b. Same procedure as "a".