Ask Question
24 September, 16:46

Your client has saved $1,860 for a down payment on a house. A government loan program requires a down payment equal to 3% of the loan amount. What is the largest loan amount that your client could receive with this program?

+2
Answers (2)
  1. 24 September, 16:53
    0
    5,580

    Step-by-step explanation:

    1860*3=5,580
  2. 24 September, 17:02
    0
    If there is a $5,000 deposit, that means the amount to be mortgaged is $82,500. Calculating 3% of that amount:

    0.03 * $82500 = $2475

    The closing costs of the loan are $2,475. When they close the deal, they must bring that PLUS the down payment to the table, or $7,475.

    (B)

    If they are putting 30% down:

    0.30 * $310000 = $93000

    Add that to all of the other costs listed, they'll need to bring $94,165.

    (C)

    Discarding the $25,000, the Paltrows are asking for a $100,000 mortgage loan. 2% of that is $2,000, and so the total mortgage is for $102,000.

    (D)

    I can't answer this because I don't know how the interest is charged
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Your client has saved $1,860 for a down payment on a house. A government loan program requires a down payment equal to 3% of the loan ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers