Question

Suppose that 10 years ago you bought a home for $110,000, paying 10% as a down payment, and financing the rest at 8% interest for 30 years. Your existing mortgage (the one you got 10 years ago) How much money did you pay as your down payment?

Answer 1

Answer: $11,000

Explanation:

The solution to this problem is not tedious or complicated

Solution;

Amount is = $110,000

Percentage of down payment is given as = 10%

To get the amount of the down payments we find the 10% of $110,00

10% of $110,000 is = 10÷100

=0.1

We multiply it by the amount which is 0.1×110,000= $ 11,000