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.
<h3>How much have they saved?</h3>
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.
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