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ashneedhelp
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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
 one year ago
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
 one year ago

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jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.1
20% of 150,000 = ??
 one year ago

ashneedhelp Group TitleBest ResponseYou've already chosen the best response.0
@jim_thompson5910 30000
 one year ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.1
so you need to have that amount in cash in 5 years
 one year ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.1
there are 12*5 = 60 months in 5 years so you need to save 30000/60 = 500 dollars per month
 one year ago

ashneedhelp Group TitleBest ResponseYou've already chosen the best response.0
thanxx
 one year ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.1
np
 one year ago

ashneedhelp Group TitleBest ResponseYou've already chosen the best response.0
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

ashneedhelp Group TitleBest ResponseYou've already chosen the best response.0
@jim_thompson5910 would that be 525
 one year ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.1
no
 one year ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.1
take 5% of 150,000 then divide that by 60
 one year ago
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