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Your classmate tells you the details of the great deal he got on his mortgage: 30 year 3.5% fixed rate with 10% down payment how much is he going to borrow to buy the house (assuming he only has the money to make the down payment from the previous question)

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anthougo

Assuming he has the money to make the down payment, my classmate will borrow 90% of the home price.

What is a down payment?

A down payment is the upfront payment or an initial portion of the total purchase price of expensive property.

It is required that the buyer of a mortgaged property deposits this initial portion before taking the mortgage for the balance.

Data and Calculations:

Mortgage period = 30 years

Interest rate = 3.5% fixed

Down payment = 10%

Balance (Mortgage) = 90% (1 - 10%)

Thus, assuming he has the money to make the down payment, my classmate will borrow 90% of the home price.

Learn more about down payments at https://brainly.com/question/1698287

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