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Blababa [14]
3 years ago
8

Tyrell bought a house for $186,500. He has a 30 year mortgage with a fixed rate of 6. 5%. Tyrell’s monthly payments are $1,060

. 93. How much was Tyrell’s down payment? a. $12,120 b. $18,650 c. $27,975 d. $37,300.
Business
1 answer:
Yakvenalex [24]3 years ago
3 0

Based on the information given the down payment is:b. $18,650.

<h3>Down payment:</h3>

First step is to calculate the loan:

Laon=Monthly payment[1-(1+r)^-n]/r

Loan=$1,060.93[1-(1+0.065/12)^-360]/(0.065/12)

Loan=$1,060.93×158.210819537

Loan= 167,850

Second step is to calculate the down payment:

Down payment = House price - Mortgage

Down payment =$186,500 -$167,850

Down payment =$18,650

Inconclusion  the down payment is: b. $18,650.

Learn more about down payment here:brainly.com/question/26173748

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