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The Smith family plans to purchase a new house in 4 years, and they want to make a down payment of 25% of the estimated purchase price of $250,000. Find the amount they need to invest to make the down payment if funds earn 12% compounded quarterly.

Sagot :

Hakuna111

Answer:

The Smith Family paid $50, 820 as down payment.

Step-by-step explanation:

Total purchase price the Smith Family Paid = $231,000

Percentage of the amount paid in Down Payment = 22%

This means 22% of the total purchase price was paid in down payment.

The formula to calculate percentage in this case will be:

Percentage Price = (Amount Paid in Down Payment/Total Price) x 100%

Using the values, we get:

22% = (Amount Paid in Down Payment) / 231,000 x 100%

0.22 = (Amount Paid in Down Payment) / 231,000

Amount Paid in Down Payment = 0.22 x 231000 = $50, 820

This means, The Smith Family paid $50, 820 as down payment.

Hope this answer helps you :)

Have a great day

Mark brainliest

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