Question

You want to buy a 154,000 home. You plan to pay 20% as down payment, and take out 30 year loan at 4.35% interest for the rest.

Answer 1

Given:

`\begin{gathered} Home\text{ }Price=154,000 \\ Down\text{ }payment=20\% \\ loan\text{ }year=30years \\ rate=4.35\% \end{gathered}`

To Determine: The down payment

Solution

`\begin{gathered} Down\text{ }payment=20\%* Home\text{ }price \\ Down\text{ }payment=0.2*154000 \\ Down\text{ }payment=30800 \end{gathered}`

Hence, the down payment is $30,800