To determine how much money is needed to make a 15% down payment on a [tex]$200,000 asset, follow these steps:
1. Identify the asset value: The asset value given is $[/tex]200,000.
2. Determine the down payment percentage: The percentage for the down payment is 15%. To work with percentages in calculations, it's helpful to convert this percentage into a decimal form. Thus, 15% becomes 0.15.
3. Calculate the down payment amount: Multiply the asset value by the down payment percentage in decimal form.
[tex]\[
\text{Down Payment Amount} = \text{Asset Value} \times \text{Down Payment Percentage}
\][/tex]
Plug in the values:
[tex]\[
\text{Down Payment Amount} = 200,000 \times 0.15
\][/tex]
4. Result: Performing this calculation gives us [tex]$30,000. Therefore, the amount of money needed for a 15% down payment on a $[/tex]200,000 asset is [tex]$30,000.
Hence, the Down Payment = $[/tex]30,000.
