how much money is needed to make a 20% down payment on a $200,000 asset? down payment = $?
how much money is needed to make a 20% down payment on a $200,000 asset? down payment = $?
Answer
Explanation:
Step1: Convert percentage to decimal
To convert 20% to a decimal, we divide by 100. So, $20%=\frac{20}{100}=0.2$.
Step2: Calculate down - payment
We multiply the price of the asset by the decimal form of the percentage. The price of the asset is $200000$. So the down - payment is $200000\times0.2$. $200000\times0.2 = 40000$
Answer:
$40000$