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Julli [10]
2 years ago
7

Eli is buying a townhouse that costs $276,650. He has $28,000 in savings and earns $4,475 a month. Eli would like to spend no mo

re than 30% of his income on his mortgage payment. Which loan option would you recommend to Eli? a. 30 year FHA, 3.5% down at a fixed rate of 6.5% b. 30 year fixed, 5% down at a fixed rate of 6.25% c. 30 year fixed, 6.5% down at a fixed rate of 5.75% d. 30 year fixed, 10% down at a fixed rate of 5%
Mathematics
2 answers:
lutik1710 [3]2 years ago
7 0

Answer:

<em><u>The answer is</u></em>: <u>a. 30 year FHA, 3.5% down at a fixed rate of 6.5%.</u>

<u />

Step-by-step explanation:

If Eli wants to pay as little as possible, and we start with a 30-year mortgage, among the percentages that must be paid, <u>the lowest is 3.5%</u>, in terms of the fixed rate, <u>the lowest is 5%</u>, but if we see the amount of <u>30 years, it is 10%</u>, so although the fixed rate of <u>6.5% is higher than that of 5%, the payment is only made once</u>, and the difference is not so much compared to 10% for 30 years.

<em><u>The answer is</u></em>: <u>a. 30 year FHA, 3.5% down at a fixed rate of 6.5%.</u>

mash [69]2 years ago
5 0

Answer:

the answer is A.

Step-by-step explanation:

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