Julio just bought a $267,900 house. he had a 20 year mortgage with a fixed rate of 5.875%. julio’s monthly payments are $1,558.09. what percent of the purchase price was julio’s down payment? a. 13% b. 15% c. 18% d. 20%

P = {(rM)/ [1 – (1 +r/n)^(-nt)]}/n

where P = the payment, r = the annual rate, M = the mortgage amount, t = the number of years, and n = the number of payments per year.

Since we are given the payment, annual rate, number of years, and number of payement per year so we need to calculate first the mortgage amount M

1558.09 = {(0.05875*M)/ [1 – (1 +0.05875/12)^(-12*20)]}/12

Solving for M

M = $ 219684.92

To solve the downpayment

D = 267900 – 21964.92 = $ 48125.08

Solving for the purchase price

T = 1558.09*12*20 = $373941.6

%D = ($ 48125.08/$373941.6)*100 = 12.89 % about 13%

the answer is c

Step-by-step explanation:

answer set (b) 0.5, 3/4 80% is in order from least to greatest.  

step-by-step explanation:

in order to compare rational numbers to each other, it is much easier if they are in the same form.   typically, the best form in which to evaluate rational numbers is in decimals.   in order to convert a percent to a decimal, you would divide the given percentage by 100.   you can also accomplish the conversion by moving the decimal point over two places to the left.   for example, the decimal value of 80% is 80/100, or 0.8.   in order to convert a fraction to a decimal, you need to divide the numerator by the denominator.   for example, 3/4 is 0.75.   so, for choice (b) 0.5 3/4 (0.75), 80% (0.8) is the only choice in which the numbers are in order from least to greatest.