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Tyee wants to buy a home for $480,000, but can only get a loan from the bank for $364,800. What percentage does Tyee have to put down in order to pay for the home? Answer:

Tyee wants to buy a home for $480,000 \$ 480,000 , but can only get a loan from the bank for $364,800 \$ 364,800 . What percentage does Tyee have to put down in order to pay for the home?\newlineAnswer:

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Q. Tyee wants to buy a home for $480,000 \$ 480,000 , but can only get a loan from the bank for $364,800 \$ 364,800 . What percentage does Tyee 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 of the loan Tyee can get from the bank.\newlineTotal price of the home: $480,000\$480,000\newlineAmount of the loan: $364,800\$364,800
  2. Calculate Down Payment: Calculate the down payment Tyee needs to make by subtracting the loan amount from the total price of the home.\newlineDown payment = Total price of the home - Amount of the loan\newlineDown payment = $480,000\$480,000 - $364,800\$364,800\newlineDown payment = $115,200\$115,200
  3. Calculate Percentage: Calculate the percentage of the down payment relative to the total price of the home.\newlinePercentage of down payment = (Down payment/Total price of the home)×100%(\text{Down payment} / \text{Total price of the home}) \times 100\%\newlinePercentage of down payment = ($115,200/$480,000)×100%(\$115,200 / \$480,000) \times 100\%\newlinePercentage of down payment = 0.24×100%0.24 \times 100\%\newlinePercentage of down payment = 24%24\%

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