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Miguel wants to buy a home for $690,000, but can only get a loan from the bank for $558,900. What percentage does Miguel have to put down in order to pay for the home? Answer:

Miguel wants to buy a home for $690,000 \$ 690,000 , but can only get a loan from the bank for $558,900 \$ 558,900 . What percentage does Miguel have to put down in order to pay for the home?\newlineAnswer:

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Q. Miguel wants to buy a home for $690,000 \$ 690,000 , but can only get a loan from the bank for $558,900 \$ 558,900 . What percentage does Miguel have to put down in order to pay for the home?\newlineAnswer:
  1. Calculate down payment: Calculate the amount Miguel needs to put down.\newlineDown payment amount = Total home price - Loan amount from the bank\newline= $690,000\$690,000 - $558,900\$558,900\newline= $131,100\$131,100
  2. Calculate down payment percentage: Calculate the down payment percentage.\newlineDown payment percentage = (Down payment amount/Total home price)×100(\text{Down payment amount} / \text{Total home price}) \times 100\newline= ($131,100/$690,000)×100(\$131,100 / \$690,000) \times 100\newline= 00.1919 \times 100100\newline= 1919\%

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