Respuesta :
Answer:
$428.57
Step-by-step explanation:
20% of $180,000 = $36,000
Number of months in 7 years = 12 months x 7= 84
To cover your down payment we divide 20% down payment for the house purchase cost by the Number of months in the 7 years time period;
= 36,000 / 84
= $428.57
Therefore, you will need to save at least $428.57 monthly to cover the 20% down payment.
Answer:
$428.57
Step-by-step explanation:
Estimated cost of the house = $180,000
Down payment = 20% of the Estimated cost of the house
The amount of down payment =
= 20% × $180,000
= 20÷ 100 × $180,000
= $36,000
The amount of Down payment to pay = $36,000
Amount to save per month to cover down payment is calculated as
Number of year to save = 7 years
1 year = 12months
7 years = 12 months × 7 years
7 years = 84 months
Hence the amount to save per month = Down payment ÷ number of months
= $36,000 ÷ 84 months
= $428.57
Hence, I need to save $428.57 per month to in order to cover my down payment.
