Question

Geo wants to buy a new home. The sales price is 185000. He has prequalified for a loan at 5.4% interest over 30 years with a 5% down payment and closing cost of 3% of the sales price. How much is the down payment?

Answer 1

Given;

Sales Price = 185000

percenatge of down payment = 5%

Required :

Amount of down payment :

`\begin{gathered} 5\text{ \% of 185000} \\ =\text{ 9250} \end{gathered}`