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8 February, 01:55

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?

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  1. 8 February, 02:23
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    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
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