Question

Lance and Mary are buying a piece of property. The property cost $64,975. The bank is requiring a 20% down payment. About how much money will they need for a down payment?

Answer 1

Answer:

$12,995

Step-by-step explanation:

Bank requires down payment of 20% of the cost, which is 64,975.

So, we need to figure out WHAT IS 20% of $64,975. It's that simple.

First,

we need to find the decimal equivalent of 20% and then multiply that with the cost given. To find the decimal, we divide by 100:

20% = 20/100 = 0.2

Now, we do the multiplication:

0.2 * 64,975 = $12,995

The down payment would need to be $12,995