Mathematics, 07.12.2020 22:30 dezmondpowell
Nick found his dream home that has a purchase price of $192,000. Nick earns $3,325 a month and wants to spend no more than 30% of his income on his mortgage payment. He has saved up $35,000 for a down payment. Nick is considering the following loan option: 20% down, 30 year at a fixed rate of 6.25%. What modification can be made to this loan to make it a viable option, given Nick’s situation?
a.
Change to a 15 year fixed loan
b.
Change the interest to 6%
c.
Change the down payment to 18% down
d.
None. This is a viable option for Nick.
Answers: 2
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Nick found his dream home that has a purchase price of $192,000. Nick earns $3,325 a month and wants...
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