To determine how much money is needed to make a 30% down payment on an [tex]$820,000 asset, follow these steps:
1. Identify the total value of the asset:
The total value of the asset is given as $[/tex]820,000.
2. Determine the percentage of the down payment:
The percentage for the down payment is 30%.
3. Convert the percentage to a decimal:
To make calculations easier, convert 30% to a decimal by dividing by 100.
[tex]\( 30\% = \frac{30}{100} = 0.30 \)[/tex]
4. Calculate the down payment amount:
Multiply the total value of the asset by the decimal equivalent of the percentage.
[tex]\( \text{Down Payment} = 820,000 \times 0.30 \)[/tex]
5. Compute the multiplication:
[tex]\( 820,000 \times 0.30 = 246,000 \)[/tex]
Thus, the amount of money needed to make a 30% down payment on an [tex]$820,000 asset is $[/tex]246,000.
