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Morgan wants to buy a car for $22,500. If she wants to make a down payment of 21%, then how much does Morgan need to borrow from the bank?

Morgan needs to borrow $_______

Answer :

To calculate how much Morgan needs to borrow from the bank for her car purchase, factor in her 21% down payment from the total car price. By subtracting the down payment ($4,725) from the total cost of the car ($22,500), we find that Morgan needs to borrow $17,775 from the bank.

Morgan wants to buy a car for $22,500 and plans to make a 21% down payment. A down payment is a part of the total price that you pay upfront, reducing the amount you need to borrow. To calculate the down payment, you multiply the total cost of the car by the down payment percentage, which is 21% in this case.

The calculation is:
Down payment = $22,500 * 21% = $4,725

So, Morgan pays $4,725 upfront. To find out how much she needs to borrow from the bank (the total car price minus the down payment) we subtract the down payment from the total cost:

Amount to borrow = $22,500 - $4,725 = $17,775

Therefore, Morgan needs to borrow $17,775 from the bank.

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