Question

You are purchasing a house 12 years from now. The estimated purchase price is $171,600.00. You want to make a 20% down payment. You are

trying to determine how much to save per month to reach your goal. If closing costs are 8.7%, how much additional money do you need to save
per month to cover the additional expense?
$103.68
$105.29
$85.14
$125.03

Answer 1

Answer: $103.68

Explanation:

12 Months are in 1 year - 12*12 = 144 Months

Multiply $103.68 * 144 = the 8.7% for closing costs.