Jon has just paid his first mortgage payment. Which payment is he not required to make?
A. PMI
B.Property tax
C.Down Payment
D.Mortgage

Respuesta :

Down payment is the payment made before you pay the first mortgage payment so that would be the answer.

Jon is not required to make a down payment. Option C is correct.

Down payment also known as a deposit in British English, refers to a payment utilized when purshising expensive items such as a car and a house, whereby the payment is the initial upfront portion of the overall amount due and it is usually given in cash at the time of finalizing the transaction.

Then, a loan or the amount of money in cash is required to make the full payment.