Fatimaneedhelp
10.03.2020 •
Business
15. You have been working for five years after college and are ready to buy your first home. Homes in the area you want to live in cost $550,000. The biggest mortgage you can afford is $300,000. What is the down payment you will need to pay
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Ответ:
$250,000
Explanation:
the down payment = cost of the house - mortgage = $550,000 - $300,000 = $250,000
Something is not right with this question, because if you have been able to save $250,000 in 5 years, it means that you saved around $50,000 a year. If you were able to save that much money per year, then you should be able to pay a higher mortgage. The average 30 year mortgage has an APR of a little over 4% (national average between 4.04% - 4.16%). That would result in a monthly payment of around $1,151 including insurance.
So you should either go to another bank (if your salary is really that high) or search a cheaper house.
Ответ:
applicants are given a math test
Explanation: I just did it