You want to purchase a house in 6 years. the estimated cost is $160,000.00 and you want to make a 20% down payment. How much do

Question

snow_tiger [21]

2 years ago

7

You want to purchase a house in 6 years. the estimated cost is $160,000.00 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

Mathematics

1 answer:

Dmitriy789 [7] · Answer 1 · 2022-08-14T10:43:07+03:00

20% of 160,000 is 3,200. Divide that by 72 months you get $44.44 with a never ending stream of 4s. So you can pay $44.44 each month for six years and be 32 cents short, or you can pay $44.45 each month for six years and have 40 cents leftover. I wasn't sure which answer you were looking for so I gave you both. Hope that helps! :)