Investors buy a studio apartment for 240,000 dollars. Of this amount, they have a down payment of 24.00 dollars. their down payment is what percent of the purchase price? what percent of the purchase price would a 12.00 dollar down payment be?

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Verified Answer :

al35ex al35ex · Answer 1 · 2017-01-25T17:24:20-05:00

The answer to the first question would be 1% of the purchase price and the answer to the second question would be 0.5 % of the purchase price.

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Alleei Alleei · Answer 2 · 2020-01-07T06:21:38-05:00

Answer :

The percent of the purchase price is, 0.01 %

The percent of the purchase price is, 0.005 %

Step-by-step explanation:

For part 1 :

Given:

Total amount = $240,000

Amount of down payment = $24.00

Formula used to calculate the percent of the purchase price.

$\text{Percent of the purchase price}=\frac{\text{Amount of down payment}}{\text{Total amount}}\times 100$

$\text{Percent of the purchase price}=\frac{\$ 24.00}{\$ 240,000}\times 100$

$\text{Percent of the purchase price}=0.01\%$

Thus, the percent of the purchase price is, 0.01 %

For part 2 :

Given:

Total amount = $240,000

Amount of down payment = $12.00

Formula used to calculate the percent of the purchase price.

$\text{Percent of the purchase price}=\frac{\text{Amount of down payment}}{\text{Total amount}}\times 100$

$\text{Percent of the purchase price}=\frac{\$ 12.00}{\$ 240,000}\times 100$

$\text{Percent of the purchase price}=0.005\%$

Thus, the percent of the purchase price is, 0.005 %