Ask Question

If you want to purchase a house in 5 years. you estimate its cost as 150,000 and you want to make a 20% down payment. how much do you need to save each month?

if you want to include closing costs of 5% with your down payment, how much additional money must you save per month?

+5
Answers (1)
  1. 16 July, 03:40
    0
    money to be saved each month in five years. Is 2000

    If additional cost is added, you'll save extra 6000. I. e saving 100 per month.

    Step-by-step explanation:

    Let's get the value of the down payment first.

    20% of 150000 = 30000

    So the remaining amount to be saved up to is 150000-30000 = 120000.

    This money is to be saved in 5 years monthly.

    12 months in a year

    12*5 = 60 months on 5 years

    So to know the actual money to be saved each month in five years.

    120000/60 = 2000

    5% of 2000 = 100

    100*60 = 6000

    You'll save additional 6000 if closing costs is added
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “If you want to purchase a house in 5 years. you estimate its cost as 150,000 and you want to make a 20% down payment. how much do you need ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers