Question

Nick found his dream home that has a purchase price of $192,000. Nick earns $3,325 a month and wants to spend no more than 30% of his income on his mortgage payment. He has saved up $35,000 for a down payment. Nick is considering the following loan option: 20% down, 30 year at a fixed rate of 6.25%. What modification can be made to this loan to make it a viable option, given Nick’s situation?
(A) Change to a 15 year fixed loan
(B) Change the interest to 6%
(C) Change the down payment to 18% down
(D) None. This is a viable option for Nick.

Answer 1

Answer:

c

Explanation:

cause he had to find the sum of the number to get his full state of the number.