Respuesta :
Answer:
The awnser is D
Step-by-step explanation:
Edge 2020!
The loan option that has a 30 year period with the maximum down
payment the Williams can afford as well as a low rate is recommended.
Response:
- The recommended loan option is option d. 30 year fixed, 10% down at a fixed rate of 6%.
Which factors gives the loan with the lowest monthly payments?
The given information are:
The amount at which the Williams are buying the house = $323,000
Percentage of down payment he can afford = 10%
Required:
The loan with the lowest monthly payment.
Solution:
The lowest fixed monthly payment is given by the loans that have the
longest period in which to pay back the loan, which includes the options;
b. 30 year FHA, 3.5% down at a fixed rate of 6.25%
c. 30 year fixed, 20% down at a fixed rate of 5.75%
d. 30 year fixed, 10% down at a fixed rate of 6%
Given that the Williams can afford a 10% down payment, option b. and
option c are the possible options.
The interest rate for option b is higher and option b has a lower down
payment than the interest rate and down payment for option c.
- The lower the down payment, the higher the monthly payment.
Therefore;
The option that has the overall lowest monthly payment is option d.
- d. 30 year fixed, 10% down at a fixed rate of 6%.
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