Question

Janae is purchasing a home for $234,570. If she uses a conventional loan, what is the best estimate for how much will her down payment be?

A.
$18,765
B.
$23,457
C.
$35,185
D.
$46,914

Answer 1

Answer: it is D 46,914

Step-by-step explanation: According to the Consumer Financial Protection Bureau, conventional mortgages have a down payment requirement as low as 3 percent, however most typically require a down payment of 5 to 20 percent. Therefore, the best estimate for Jane's down payment is the 20 percent.

Using the values given, we have: 234,570 * 0.2 = 46,914

The correct answer is D. $ 46,914