Question

Mr. and mrs. lorenzo want to buy a home valued at $213,500. if they have 18% of this amount saved for a down payment, how much have they saved? a. $384.30 b. $3,843.00 c. $38,043.00 d. $38,430.00 please select the best answer from the choices provided a b c d

Answer 1

Option d is the correct answer. $38,430.00 is the amount saved for a down payment given that Mr. and Mrs. Lorenzo want to buy a home valued at $213,500 and they have 18% of this amount saved for the down payment. This can be obtained by using percentage formula.

How much have they saved?

The percentage of a number can be obtained using percentage formula,

If P% of X is Y then it can be denoted using the formula of percentage as,

⇒ P% of X = Y

⇒ P% × X = Y   (where P% is P/100)

Here in the question it is given that,

• Mr. and Mrs. Lorenzo want to buy a home valued at $213,500

• They have 18% of this amount saved for a down payment

We have to find the amount they saved for the down payment.

• Given that the total amount = $213,500

• Percentage they are saving = 18%

The amount they saved for the down payment,

18% of the total amount = 18% of $213,500

Using the percentage formula we get,

18% of $213,500 = 18% × $213,500  

18% of $213,500 = 18/100 × $213,500

18% of $213,500 = $ 38,430.00

Hence Option d is the correct answer. $38,430.00 is the amount saved for a down payment given that Mr. and Mrs. Lorenzo want to buy a home valued at $213,500 and they have 18% of this amount saved for the down payment.

Learn more about percentages here:

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