Question

Mr. Coffey bought a house for $195,000. He made a 20% down
payment. The interest rate is 5.25% for 30 years. Use the loan
payment calculator to answer the following questions. (do not use
commas or dollar signs in your answer)
How much does he need to borrow?

Answer 1

Answer:

$39,000

Explanation:

Down payment refers to the amount that Mr. Coffey paid upfront at the time of purchasing the house. It is usually a percentage of the total cost and is paid in a lump sum.

In this case, Mr. Coffey 20 % of the cost of the house

i.e., 20% of $195,000

=20/100 x $195,000

=0.2x$195,000

=$39,000

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