Carson wants to buy a car for $17,500, but can only get a loan from the bank for $14,000. What percentage does Carson have to put down in order to pay for the car?Answer:
Q. Carson wants to buy a car for $17,500, but can only get a loan from the bank for $14,000. What percentage does Carson have to put down in order to pay for the car?Answer:
Calculate Down Payment: We know:Total car price: $17,500Loan amount: $14,000To find out how much Carson has to pay as a down payment, we subtract the loan amount from the total car price.Down payment = Total car price - Loan amount= $17,500 - $14,000= $3,500
Find Percentage of Total Price: Now we need to calculate what percentage $3,500 is of the total car price of $17,500.Percentage down payment = Total car priceDown payment×100= ($17,500$3,500)×100= 0.2×100= 20%
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