andrewkayman01pelzjn andrewkayman01pelzjn
  • 03-10-2018
  • Mathematics
contestada

Charlie purchased a home for $300,000. The mortgage company requires a 10% down payment and Charlie chooses to finance the property for 30 years at 6%. What is Charlie's down payment?

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JeanaShupp
JeanaShupp JeanaShupp
  • 12-10-2018

Answer:  Charlie's down payment to purchase home is $30,000.


Step-by-step explanation:

Given that :- Charlie purchased a home for price = $300,000

Mortage company requires a down payment of =10% of price of home

Therefore, Charlie's down payment = 10% of price for home

⇒Charlie's down payment =10% of  $300,000

⇒Charlie's down payment =0.1 × $300,000

⇒Charlie's down payment =$30,000.

Thus, Charlie's down payment to purchase home is $30,000.

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