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Down Payment & Purchase Price: Definitions & Calculations

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is a down payment?

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1. What is the purchase price of a home?

2. If the purchase price is $300,000 and the buyer must have 10% down, how much is the down payment?

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About This Quiz & Worksheet

Evaluate your knowledge concerning the calculation of the down payment and purchase price of a property with this multiple-choice quiz and worksheet. How to calculate the down payment is one of several questions covered in the quiz.

Quiz & Worksheet Goals

This quiz will test you on the following:

  • Definition of 'down payment'
  • Purchase price of a property
  • Calculating the down payment
  • Percentage of most down payments
  • How the down payment is applied

Skills Practiced

  • Defining key concepts - ensure that you can accurately define a main phrase, such as down payment
  • Information recall - access the knowledge you've gained about the purchase price when buying a home
  • Knowledge application - use your knowledge to answer a question about what happens to the down payment on a house

Additional Learning

Learn more about this topic with the lesson titled Down Payment & Purchase Price: Definitions & Calculations. Here are examples of what's in this lesson:

  • Option when the sale price is higher than the offer
  • How most down payments are determined
  • Formula to calculate the down payment
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