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Theresa is buying a condo that costs $127,500. She has $8,300 in savings and earns $3,200 a month. Theresa would like to spend no more than 20% of her income on her mortgage payment. Which loan option would you recommend to Theresa? a. 30 year fixed, 6. 5% down at a fixed rate of 5% b. 30 year FHA, 3. 5% down at a fixed rate of 6. 5% c. 30 year fixed, 5% down at a fixed rate of 6. 25% d. 30 year fixed, 10% down at a fixed rate of 5. 75%.

Respuesta :

Answer:a)30 year fixed, 6.5% down at fixed rate of 5%

Explanation:

Based on the information given, the loan option that would you recommend to Theresa is A. 30 year fixed, 6. 5% down at a fixed rate of 5%.

A loan simply means a form of debt that's incurred by an economic entity.

It should be noted that when an individual takes a loan, it's expected to be paid back in a particular period of time.

Therefore, the loan that will be recommended to Theresa is a 30 year fixed, 6. 5% down at a fixed rate of 5%. The reason is that it's cheaper when compared to other loan options.

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