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You have been working for five years after college and are ready to buy your first home. Homes in the area you want to live in cost $250,000. The biggest mortgage you can afford is $150,000. What is the down payment you will need to pay?

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Based on the cost of the homes in the area, the down payment that needs to be paid is $100,000.

The down payment that will be paid is the cost of the house less the amount that is paid for mortgages.

Cost = $250,000

Mortgages = $150,000

The down payment is therefore:

= Cost - mortgages

= 250,000 - 150,000

= $100,000

In conclusion, the down payment is $100,000.

Find out more at https://brainly.com/question/12339280.

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