Based on the cost of the gliders and the amount to be financed, a down payment of 25% would be enough.
The gliders would cost $12,000 but the Rices do not want to take out more than a loan of $9,000.
Downpayment amount
A downpayment of 25% on the amount would be:
= 25% x 12,000
= $3,000
Amount to be financed
= Cost of gliders - Down payment
= 12,000 - 3,000
= $9,000
A down payment of 25% would therefore be enough to finance no more than $9,000.
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