Question

5

Select the correct answer.
What is down payment with regard to buying a house?
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a part of the purchase price paid in installments
a part of the purchase price paid in cash
an interest on the purchase price
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Answer 1

The down payment is a cash payment made upfront when buying a house. It represents a percentage of the total purchase price.

Step-by-step explanation:

The down payment is a part of the purchase price paid in cash when buying a house. It represents a percentage of the total purchase price and is typically paid upfront. For example, if a house costs $200,000 and the down payment is 20%, the buyer would need to pay $40,000 as the down payment before obtaining a mortgage loan.

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