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Ron is planning to buy a condo that costs $85,000. At which mortgage lender will Ron get better deal? How much less will Ron pay with this lender? ​

Ron is planning to buy a condo that costs 85000 At which mortgage lender will Ron get better deal How much less will Ron pay with this lender class=

Respuesta :

Mortgage Lender A:

.

[tex]85000 - 4500 = 80500[/tex]

[tex]80500\times .03 = 2415[/tex]

[tex]80500 + 2915 = 82915[/tex]

[tex]85000 - 7500 = 77500[/tex]

[tex]77500 \times.06 = 4650[/tex]

[tex]77500 + 4650 = 82150[/tex]

Lender B is the cheapest by $745!!!

The better deal based on the given information for Ron is mortgage A as it's cheaper.

How to calculate a better deal?

The deal that gives the less amount for the mortgage will be the best deal for Ron.

From the given information, the loan amount for mortgage A :

= 3% × $4500

= $135

The loan amount for mortgage B:

= 6% × $7500

= $450

Hence, the better deal is mortgage A.

Learn more about mortgages on:

brainly.com/question/1318711

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