a) The amount of the required down payment is <u>$42,750</u>.
b) The mortgage amount after the down payment is <u>$242,250</u>.
c) The monthly payment for both principal and interest is <u>$1,416.17</u>.
<h3>What is the down payment?</h3>
The down payment refers to the upfront cash payment made to reduce the cost of the home.
After deducting the down payment from the home price the result is the loan amount.
Monthly payments pay part of the loan amount the computed interest.
The monthly payments and the down payment can be determined with an online finance calculator.
Home Price = $285,000
Down Payment = 15%
Loan Term = 25 years
Interest Rate = 5%
Monthly Pay: $1,416.17
Loan Amount $242,250 ($285,000 - $42,750)
Down Payment = $42,750 ($285,000 x 15%)
Total of 300 Mortgage Payments = $424,851 ($1,416.17 x 300)
Total Interest = $182,601
Thus, after making a down payment of <u>$42,750</u> cash, Anna will be making monthly payments of <u>$1,416.17</u> for 300 months.
Learn more about monthly payments and down payments at brainly.com/question/1698287
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