Chapter 13, Problem 10CR

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

The portion of the purchase price of an asset paid in a lump sum at the time of purchase is known as the _________ payment. (13-4)

To determine

**To fill:** The blanks provided for the statement, “The portion of the purchase price of an asset paid in a lump sum at the time of purchase is known as the _____ payment.”

Explanation

Down payment is the term used when the buyer purchase any item and pays a specific portion from the total amount after finalizing the transaction. It is generally paid in cash. It can be an evidence for the purchase of the item.

In case, the borrower unable to pay the remaining amount, the amount paid as down payment is forfeited. It helps the borrower to decrease the interest paid, monthly payments and provide lenders a degree of assurance. Down payment can be computed by multiplying the purchase price with the down payment percentage.

For example, purchase price of a computer is

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