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Ann [662]
3 years ago
12

John has saved $20,000 and he wants to buy a $100,000 house. If he pays just $10,000 as a down payment, he will have a $90,000 m

ortgage with a monthly payment of $500. If he pays all of his savings ($20,000) as a down payment, he will only have an $80,000 mortgage and a lower interest rate resulting in a $420 monthly payment. He should choose to pay _____.
Mathematics
2 answers:
maria [59]3 years ago
7 0
20,000, so that his interest rate will be lower and he will overall save $$$
Lubov Fominskaja [6]3 years ago
3 0

Answer:

<u><em>The answer is</em></u>: <u>$ 500 payment for 180 months.</u>

<u />

Step-by-step explanation:

<em>From my point of view you should choose the first option, for several reasons,</em> first because you have $ 10,000 free <em>that you may need for other expenses, on the other hand</em> if you pay $ 500 a month, you will do so for 15 years to reach $ 90,000<em> that he has pending payment,</em> while if he paid $ 420, for $ 60 less per month <em>than the previous case, </em>he would have to pay them for more than 15 years.

<u><em>The answer is</em></u>: <u>$ 500 payment for 180 months.</u>

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