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Xin wants to buy a home for $260,000, but can only get a loan from the bank for $221,000. What percentage does Xin have to put down in order to pay for the home? Answer:

Xin wants to buy a home for $260,000 \$ 260,000 , but can only get a loan from the bank for $221,000 \$ 221,000 . What percentage does Xin have to put down in order to pay for the home?\newlineAnswer:

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Q. Xin wants to buy a home for $260,000 \$ 260,000 , but can only get a loan from the bank for $221,000 \$ 221,000 . What percentage does Xin have to put down in order to pay for the home?\newlineAnswer:
  1. Calculate Total Price and Loan Amount: Determine the total price of the home and the amount of the loan Xin can get from the bank.\newlineTotal price of the home: $260,000\$260,000\newlineAmount of the loan: $221,000\$221,000
  2. Calculate Down Payment: Calculate the down payment Xin needs to make by subtracting the loan amount from the total price of the home.\newlineDown payment needed = Total price of the home - Loan amount\newlineDown payment needed = $260,000\$260,000 - $221,000\$221,000\newlineDown payment needed = $39,000\$39,000
  3. Calculate Percentage of Down Payment: Calculate the percentage of the down payment relative to the total price of the home.\newlinePercentage of down payment = (Down payment needed/Total price of the home)×100%(\text{Down payment needed} / \text{Total price of the home}) \times 100\%\newlinePercentage of down payment = ($39,000/$260,000)×100%(\$39,000 / \$260,000) \times 100\%\newlinePercentage of down payment = 0.15×100%0.15 \times 100\%\newlinePercentage of down payment = 15%15\%

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