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Sagot :
c. 18% of the purchase price was julio’s down payment.
Down payment on a home:
A person who is unable to pay the full price of a house right away may choose to take out a mortgage and pay it off over time. A down payment, typically in the form of a percentage of the house's price, may be required of the borrower upfront.
The house cost $267,900.
Mortgage period (n) = 20-years adjusted for monthly payment = 20*12=240 months
r = 5.875% adjusted for monthly compounding = 0.05875/12
Monthly payment = $1,558.09
calculate the home loan esteem which is equivalent to the current worth of Julio's regularly scheduled installments.
Loan = payment × 1 - ( 1 + r ) ⁻ⁿ / r
= 1558.09 × 1 - ( 1 + 0.05875/12 ) / 0.05875/12
= 1558.09 × 140.996299269
= $219,684.92
Down payment = house price - Mortage
down payment = $48,215.08
Down payment percentage = down payment/house price
= 48,215.08 / 267,900 × 100
= 17,9974%
≈ 18%
know more about mortage here: https://brainly.com/question/20715254
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