BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$10, 050
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$100, 500
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$4466.67
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$1005
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Detailed explanation-1: -A common example of a down payment is down payment on a house. The home buyer may pay 5% to 25% of the total price of the home upfront, while taking out a mortgage from a bank or other financial institution to cover the remainder. Down payments on car purchases work similarly.
Detailed explanation-2: -A down payment is a percentage of your home’s purchase price that you pay up front when you close your home loan. Lenders often look at the down payment amount as your investment in the home.
Detailed explanation-3: -A down payment for a home is the part of a house’s purchase price that a prospective buyer pays upfront; these monies do not come from a lender through a loan. Notably, the amount of the down payment is usually determined on the basis of the company’s guidelines.