Problem

A house sells for $\$ 160,000$ and a $20 \%$ down payment is made. A mortgage was secured at $3.1 \%$ for 25 years. Round to the nearest cent, if necessary. Part: 0 / 4 Part 1 of 4 Find the down payment. The down payment is $\$ \square$.

Solution

Step 1 :The down payment is 20% of the total cost of the house. To find this, we need to multiply the total cost of the house by 20% (or 0.20 in decimal form).

Step 2 :Let's denote the total cost of the house as \(total\_cost\) and the down payment percent as \(down\_payment\_percent\).

Step 3 :\(total\_cost = 160000\)

Step 4 :\(down\_payment\_percent = 0.2\)

Step 5 :We can find the down payment by multiplying the total cost by the down payment percent.

Step 6 :\(down\_payment = total\_cost \times down\_payment\_percent\)

Step 7 :Substituting the given values, we get \(down\_payment = 160000 \times 0.2 = 32000.0\)

Step 8 :Final Answer: The down payment is \(\boxed{32000}\)

From Solvely APP
Source: https://solvelyapp.com/problems/15759/

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