Question

Larry has saved 18,500 toward a down payment on a house. If he makes 3890 a month, How much can afford to spend on a house?
A.) 100,000
B.) 93,369
C.) 111.860
D.) 65,180

Answer 1

Larry has saved 18,500 toward a down payment on a house. If he makes 3890 a month, He can afford to spend on a house of about 93,369. The answer is letter B.

Answer 2

In the first year, Larry can afford to spend D.) $65,180 on a house if he makes a down payment of $18,500 and a monthly payment of $3,890.

What is a down payment?

A down payment is an initial upfront payment that a borrower makes towards paying off the mortgage or loan.

The down payment is based on a percentage of the mortgage amount, for example, 10% or 20%.

Data and Calculations:

Down payment = $18,500

Monthly payment = $3,890

Annual payments = $46,680 ($3,890 x 12)

Payment in the first year = $65,180 ($46,680 + $18,500)

Thus, in the first year, Larry can afford to spend D.) $65,180 on a house if he makes a down payment of $18,500 and a monthly payment of $3,890.

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

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