Question

You want to purchase a house in seven years the estimated cost is $180,000 and you want to make a 20% down payment how much do you need to save per month in order to cover your down payment

Answer 1

$3000 is to be saved per month in order to cover the down payment

Explanation:

It is that 20% of the total cost of the house is to be given as down payment.

The total cost of house is $180,000

The amount to be paid as down payment include

`(20)/(100) * 180,000\\36000`

considering that he will pay down payment in next 12 months, then the total sum of money to be saved per month is

`(360,00)/(12) \\3000`