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.
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