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Adam wants to buy a home for $160,000, but can only get a loan from the bank for $123,200. What percentage does Adam have to put down in order to pay for the home? Answer:

Adam wants to buy a home for $160,000 \$ 160,000 , but can only get a loan from the bank for $123,200 \$ 123,200 . What percentage does Adam have to put down in order to pay for the home?\newlineAnswer:

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Q. Adam wants to buy a home for $160,000 \$ 160,000 , but can only get a loan from the bank for $123,200 \$ 123,200 . What percentage does Adam have to put down in order to pay for the home?\newlineAnswer:
  1. Calculate down payment amount: Calculate the amount Adam needs to pay as a down payment.\newlineDown payment amount = Total home price - Loan amount from the bank\newline= $160,000\$160,000 - $123,200\$123,200\newline= $36,800\$36,800
  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= ($36,800/$160,000)×100(\$36,800 / \$160,000) \times 100\newline= 00.2323 \times 100100\newline= 2323\%

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