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ashneedhelp Group Title

You want to purchase a house in 5 years. You estimate its cost as $150,000 and you want to make a 20% down payment. How much do you need to save each month?

  • one year ago
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  1. jim_thompson5910 Group Title
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    20% of 150,000 = ??

    • one year ago
  2. ashneedhelp Group Title
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    @jim_thompson5910 30000

    • one year ago
  3. jim_thompson5910 Group Title
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    so you need to have that amount in cash in 5 years

    • one year ago
  4. jim_thompson5910 Group Title
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    there are 12*5 = 60 months in 5 years so you need to save 30000/60 = 500 dollars per month

    • one year ago
  5. ashneedhelp Group Title
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    thanxx

    • one year ago
  6. jim_thompson5910 Group Title
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    np

    • one year ago
  7. ashneedhelp Group Title
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    4. If you want to include closing costs of 5% with your down payment, how much additional money must you save per month?

    • one year ago
  8. ashneedhelp Group Title
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    @jim_thompson5910 would that be 525

    • one year ago
  9. jim_thompson5910 Group Title
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    no

    • one year ago
  10. jim_thompson5910 Group Title
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    take 5% of 150,000 then divide that by 60

    • one year ago
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