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Shaquana wants to buy a car for $20,500, but can only get a loan from the bank for $15,375. What percentage does Shaquana have to put down in order to pay for the car? Answer:

Shaquana wants to buy a car for $20,500 \$ 20,500 , but can only get a loan from the bank for $15,375 \$ 15,375 . What percentage does Shaquana have to put down in order to pay for the car?\newlineAnswer:

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Q. Shaquana wants to buy a car for $20,500 \$ 20,500 , but can only get a loan from the bank for $15,375 \$ 15,375 . What percentage does Shaquana have to put down in order to pay for the car?\newlineAnswer:
  1. Calculate Total Price: Determine the total price of the car and the amount the bank is willing to loan.\newlineTotal price of the car = $20,500\$20,500\newlineAmount bank is willing to loan = $15,375\$15,375
  2. Calculate Down Payment: Calculate the amount Shaquana needs to pay as a down payment.\newlineDown payment = Total price of the car - Amount bank is willing to loan\newlineDown payment = $20,500\$20,500 - $15,375\$15,375\newlineDown payment = $5,125\$5,125
  3. Calculate Percentage: Calculate the percentage of the total price that the down payment represents.\newlinePercentage down payment = (Down payment/Total price of the car)×100%(\text{Down payment} / \text{Total price of the car}) \times 100\%\newlinePercentage down payment = ($5,125/$20,500)×100%(\$5,125 / \$20,500) \times 100\%\newlinePercentage down payment = 0.25×100%0.25 \times 100\%\newlinePercentage down payment = 25%25\%

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