Mr. Coffey bought a house for $195,000. He made a 20% down payment. The interest rate is 5.25% for 30 years. How much does he need to borrow?

$39,000

Explanation:

Down payment refers to the amount that Mr. Coffey paid upfront at the time of purchasing the house. It is usually a percentage of the total cost and is paid in a lump sum.

In this case, Mr. Coffey 20 % of the cost of the house

i.e., 20% of $195,000

=20/100 x $195,000

=0.2x$195,000

=$39,000

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