Charlotte wishes to buy a house that sells for $184,500. Her credit union requires her to make a 15% down payment. The mortgage rate is 6% on a 20-year loan. Determine the amount of the required down payment and find the monthly mortgage payment. Round your answer to the nearest cent.
A. down payment = $27,681.94
monthly payment = $1,120.12
B. down payment = $27,675.00
monthly payment = $1,134.54
C. down payment = $11,070.00
monthly payment = $1,123.54
D. down payment = $27,675.00
monthly payment = $1,123.54
E. down payment = $27,678.42
monthly payment = $1,123.54
Answer: D
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