The Johnsons are buying a house that costs $210,000 and can afford a 20% down payment. If the Johnsons want the lowest monthly payment, which loan option would you recommend? a. 30 year FHA, 3.5% down at a fixed rate of 6.25% b. 30 year fixed, 20% down at a fixed rate of 6% c. 30 year fixed, 10% down at a fixed rate of 6% d. 15 year fixed, 20% down at a fixed rate 5.5%

Question

Christine Harper

Mathematics

2 August, 20:26

The Johnsons are buying a house that costs $210,000 and can afford a 20% down payment. If the Johnsons want the lowest monthly payment, which loan option would you recommend? a. 30 year FHA, 3.5% down at a fixed rate of 6.25% b. 30 year fixed, 20% down at a fixed rate of 6% c. 30 year fixed, 10% down at a fixed rate of 6% d. 15 year fixed, 20% down at a fixed rate 5.5%

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Answers (1)

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Adan Leach · Answer 1

The correct answer to this question is letter " b. 30 year fixed, 20% down at a fixed rate of 6%"

From the facts that are given, the house that costs $210,000 with a 20% down payment whom the Johnsons can afford. The idea in solving this problem is to try and solve all the possible choices. The one with the lowest value is the correct answer.