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John and Marissa purchase their first home for $120,000. They must put 15 percent down on the purchase price as a down payment. What will the amount of the down payment be?

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helenbeastie

Answer:

Downpayment: 15% of original price

Original price: $120,000

15% of 120,000 = [tex]\frac{15}{100}[/tex] × 120,000

                          = $18,000

Thus, the downpayment is $18,000.

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