Question

Your classmate tells you the details of the great deal he got on his mortgage: 30-year 1.1% fixed rate with a 20% down payment

If his new home costs $136,000, what is his down payment?

Answer 1

The down payment for the mortgage is $27,200.

Step-by-step explanation:

To find the down payment, we can start by calculating 20% of the cost of the new home. So, 20% of $136,000 is 0.20 x $136,000 = $27,200. Therefore, the down payment for the mortgage is $27,200.

Answer 2

27200

Step-by-step explanation: