Answered

For questions 3-4, you will be answering by filling in the blanks. (1 point)
Round to the nearest penny.
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?
/month



Answer :

GinnyAnswer
Sure, here is a clear and concise explanation: To calculate how much you need to save each month, follow these steps: 1. Determine the down payment amount: 20% of $150,000 is $30,000. 2. Subtract the down payment from the total cost of the house: $150,000 - $30,000 = $120,000. 3. Decide on the time frame: 5 years or 60 months. 4. Divide the remaining cost by the number of months: $120,000 / 60 = $2,000 per month. Therefore, you need to save $2,000 each month for 5 years to reach your goal of purchasing the house.

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