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You have been working for five years after college and are ready to buy your first home. Homes in the area you want to live in cost $550,000. The biggest mortgage you can afford is $300,000. What is the down payment you will need to pay

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abiolataiwo2015

Based on the information given the down payment you will need to pay is $250,000.

Using this formula

Down payment=Building cost -Mortgages

Where:

Building Cost = $550,000

Mortgages = $300,000

Let plug in the formula

Down payment=$500,000-$300,000

Down payment=$250,000

Inconclusion the down payment you will need to pay is $250,000.

Learn more here:https://brainly.com/question/25207929

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