BrainGeek4848

04.02.2020 • 

Mathematics

Nick found his dream home that has a purchase price of $192,000. nick earns $3,325 a month and wants to spend no more than 30% of his income on his mortgage payment. he has saved up $35,000 for a down payment. nick is considering the following loan option: 20% down, 30 year at a fixed rate of 6.25%. what modification can be made to this loan to make it a viable option, given nick’s situation?

answers:

a. change to a 15 year fixed loan

b. change the interest to 6%

c. change the down payment to 18% down

d. none. this is a viable option for nick.

Ответ:

tony7135

17.01.2022

Mathematics

---

Nick has $35,000 available money for the down payment of his dream home which costs $192,000. He is entertaining a 20% down payment option with 6.25% fixed rate for 30 years. 20% of $192,000 is $38,400 which is more than what he has now ($35,000). Option c is considered since it brings down the down payment to 18% of the total cost which will only be $34,560 and is less than what he has now. This is the most logical option considering the money he has now. 

---

0,0(0 оценок)

Ответ:

davisnaziyahovz5sk

03.08.2021

Mathematics

---

This is the answer of the question

---

0,0(0 оценок)