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Isaiah wants to buy a home for $670,000, but can only get a loan from the bank for $549,400. What percentage does Isaiah have to put down in order to pay for the home? Answer:

Isaiah wants to buy a home for $670,000 \$ 670,000 , but can only get a loan from the bank for $549,400 \$ 549,400 . What percentage does Isaiah have to put down in order to pay for the home?\newlineAnswer:

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Q. Isaiah wants to buy a home for $670,000 \$ 670,000 , but can only get a loan from the bank for $549,400 \$ 549,400 . What percentage does Isaiah have to put down in order to pay for the home?\newlineAnswer:
  1. Calculate Total Price: Determine the total price of the home and the amount Isaiah can get from the bank.\newlineTotal home price: $670,000\$670,000\newlineLoan amount: $549,400\$549,400\newlineWhat is the down payment Isaiah needs to make?\newlineDown payment = Total home price - Loan amount\newline= $670,000\$670,000 - $549,400\$549,400
  2. Calculate Down Payment: Calculate the down payment.\newlineDown payment = $670,000−$549,400\$670,000 - \$549,400\newline= $120,600\$120,600
  3. Calculate Down Payment Percentage: Calculate the percentage of the down payment relative to the total home price. \newlineDown payment percentage = (Down payment/Total home price)×100(\text{Down payment} / \text{Total home price}) \times 100 \newline= ($120,600/$670,000)×100(\$120,600 / \$670,000) \times 100
  4. Perform Calculation: Perform the calculation to find the down payment percentage.\newlineDown payment percentage = ($120,600/$670,000)∗100(\$120,600 / \$670,000) * 100\newline= 0.18∗1000.18 * 100\newline= 18%18\%

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