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?

Question

Mathematics

Andre Sherman

20 February, 09:05

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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Answers (1)

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Rachael Trevino · Answer 1

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.