Jason Aldeen bought a house for $275,000. He made a down payment of 15%. The interest rate is 4.2% for 15 years.How much was Jason's down payment?How much does Jason need to borrow?What is his monthly payment?

Answer:Step-by-step explanation:Jason's down payment= $41250Amount he needs to borrow is 275000-41250 = $233750Jason's monthly payment would be248476.25/180 = $1380.42The original cost of the house that Jason Aldeen bought is $275,000. He made a down payment of 15%. This means he paid 15% of the original cost of the house. Therefore,Jason's down payment is 15% of $275000= 15/100 × 275000 =0.15×275000=$41250Since Jason's down payment is smaller than the original cost of the house, he would need to borrow.Amount he needs to borrow is 275000-41250 = $233750If Jason borrows $233750 at a rate of 4.2% for 15 yearsTotal interest on $233750 for 15 years will be= (233750×4.2×15) /100= 14726250/100 = $14726.25Total amount to be paid for 15 years will be amount borrowed + interest=233750 + 14726.25 = $248476.25Converting 15 years to months,15 × 12 months = 180 months.Jason's monthly payment would be248476.25/180 = $1380.42