33.2k views
5 votes
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

1 Answer

4 votes

Answer:

$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

User Pravin Divraniya
by
8.0k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories