Answered

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THOMAS OSLER IS BUYING A TOWNHOUSE SELLING FOR $175,000. HIS BANK IS
OFFERING A 30-YEAR FIXED RATE MORTGAGE AT 5.5% WITH A MINIMUM 20% DOWN
PAYMENT. DETERMINE THE AMOUNT OF THE DOWN PAYMENT AND THE MONTHLY PAYMENT

Sagot :

The amount of the down payment and the fixed rate mortgage is $35000 and $9625.

According to the statement

We have given that the

Thomas osler is buying a house selling for $175,000 And we have to find the amount of the down payment and the monthly payment.

So, The down payment is :

percentage of the down payment is 20%

So,

Amount = 20/100*175000

Amount = 35,000$

And the percentage of the fixed rate mortgage with 5.5%

So,

Amount = 5.5/100*175000

Amount = $9625.

This the amount of the down payment with the given percentage and with the fixed rate mortgage.

So, The amount of the down payment and the fixed rate mortgage is $35000 and $9625.

Learn more about the percentage here

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