You want to buy a $230,000 home. You plan to pay 20% as a down payment, and take out a 30 year fixed loan for the rest. Round all answers to

Question

You want to buy a $230,000 home. You plan to pay 20% as a down payment, and take out a 30 year fixed loan for the rest. Round all answers to the nearest cent as needed.

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Emery 4 days 2021-10-10T19:19:24+00:00 1 Answer 0

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    2021-10-10T19:21:00+00:00

    Amount of down payment = $46000

    Mortgage needs = $184000

    Solution:

    From the given,

    Cost of the house = \$230000

    Percentage of down payment = 20\%

    Number of years of fixed loan = 30

    \text { Total down payment }=\text { cost of the house } \times \text { Percentage of down payment }

    \Rightarrow \frac{230000 \$\times 20}{100} \rightarrow 46000 \$

    \text {Mortgage needs}=\text { Total cost - Total down payment }

    \Rightarrow 230000 \$-46000 \$=184000 \$

    It can be concluded that the total down payment for the house and mortgage needs would be \$46000 \text{ and } \$184000

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