vanessa bought a house for $268,500. she has a 30 - year mortgage with a fixed rate of 6.25%. vanessas…

vanessa bought a house for $268,500. she has a 30 - year mortgage with a fixed rate of 6.25%. vanessas monthly payments are $1,595.85. how much was vanessas down payment?\na. $9,314.45\nb. $16,781.25\nc. $40,275.00\nd. $53,040.00

vanessa bought a house for $268,500. she has a 30 - year mortgage with a fixed rate of 6.25%. vanessas monthly payments are $1,595.85. how much was vanessas down payment?\na. $9,314.45\nb. $16,781.25\nc. $40,275.00\nd. $53,040.00

Answer

Answer:

C. $40,275.00

Explanation:

Step1: Calculate total mortgage payments

$1595.85\times12\times30 = 574506$

Step2: Find down - payment amount

$268500-(574506 - 268500)=40275$