Question

James wants to buy a house.
The price of the house is a quarter of million pounds.
James has to pay a deposit for the house.
The deposit is 15% of the price of the house.
James already has part of the deposit.
He has £32000
(a) How much more money does James need for the deposit?

(b) show a check of your percentage calculation.

Answer 1

Given:

The price of the house is a quarter of a million pounds

The deposit is 15% of the price of the house

James already has £32000

To find:

(a) How much more money does James need for the deposit?  

(b) show a check of your percentage calculation.

Solution:

(a). Finding how much more money does James need for the deposit:

We know, I million = 1,000,000

The price of the house = $\frac{1}{4} \:\times\:1,000,000\:=$ £ 250,000

The deposit for the house that James has to pay,

= 15% of the price of the house

= $\frac{15}{100}\:\times\: 250000$

= $15\:\times\:2500$

= £ $37500$

But, James already has £ 32000 from the deposit

∴ James need = £ 37500 - £ 32000 = £ 5500

Thus, James need £ 5500 more money for the deposit.

(b). Showing a check for the percentage calculation:

The deposit amount = £ 5500 + £ 32000 = £ 37500

Now, the price of the house = £ 250,000

∴ Percentage of the deposit = $\frac{37500}{250000}\:\times\:100$ = $0.15\:\times\:100 =$ 15%

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Answer 2

Price of the house = £250,000

James needs £5,500 more to meet the deposit of £37,500

Step-by-step explanation:

Price of the house = £250,000

Total Deposit = 15% of the price of the house = 15/ 100 * 250,000 = £37,500

James has £32,000

(a) How much more money does James need for the deposit = Total deposit required - amount James already has

= 37500 - 32000

James needs = £5,500