BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Php 1, 871.25
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Php 1, 781.25
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Php 1, 875.00
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Php 1, 785.00
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Detailed explanation-1: -Down payment is calculated using the formula: down payment = down payment percent times purchase price. The down payment percent needs to be converted into a decimal for this calculation.
Detailed explanation-2: -A common example of a down payment is down payment on a house. The home buyer may pay 5% to 25% of the total price of the home upfront, while taking out a mortgage from a bank or other financial institution to cover the remainder. Down payments on car purchases work similarly.
Detailed explanation-3: -You choose the phone that you would like to purchase and apply for financing. If you’re approved, you may have to make a small initial down payment, then pay off the remaining balance in installments. With some types of smartphone financing, no down payment is required.
Detailed explanation-4: -Calculated as a percentage of the total price, a down payment is a difference between the loan amount and the value of the purchase. The higher the amount of the down payment the lesser the rate of interest and equated monthly installment (EMI) amount.