Julie wants to purchase a new home in six years. She thinks that she can purchase a nice home in a good neighborhood for $60,000. She wants to save enough money in those six years to make the down payment of 25%. Determine how much Julie must save every month.

Question

Alessandro Ross

Mathematics

11 December, 01:21

Julie wants to purchase a new home in six years. She thinks that she can purchase a nice home in a good neighborhood for $60,000. She wants to save enough money in those six years to make the down payment of 25%. Determine how much Julie must save every month.

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Answers (2)

Know the Answer?

Hayden Baxter · Answer 1

1. 60000x25%=15,000 - How much Julie's down payment will be

2. 6x12=72 - How many months are in six years

3. 15000/72=208.33r

So the answer would be $208.33 or $208.34 depending on how you are taught to write out your remainders.

Joslyn Rose · Answer 2

60000x25%=15,000 - - > Payment

Months in 6 years:

6x12=72

Divide:

15000/72=208.333 ...

$208.33 (rounded)