Renata is purchasing a condominium for $125,000. The down payment is 20%. The true statement is:
The down payment is $25,000
The down payment is the portion of the purchase price necessary to secure the transaction.
The down payment is an upfront expense that the buyer must pay in cash before being approved for long-term finance (loan or mortgage).
A down payment is intended to reassure the lender of the borrower's ability to repay the loan.
In the given problem, the cost for the condominium is $125,000. The down payment is 20%.
Hence,
Down payment amount = 20% x $125,000
Down payment amount = $25,000
Your question is incomplete but most probably your question was:
Renata is purchasing a condominium for $125,000. The down payment is 20%. The true statement is:
The down payment is $125,000
The down payment is $25,000
The down payment is $15,000
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