Answered

you want to purchase a house in 10 years. you estimate the cost will be $184,500.00. you want to make a 20% down payment and closing costs, which are 8.5%. How much are the down payment and closing costs? How much do you need to save each month to reach your goal?

Answer :

Aliwohaish12
Amount of the down payment
184,500×0.2=36,900
Closing costs
184,500−36,900=147,600
Monthly payment
Use the formula of the future value of annuity ordinary
Fv=p [(1+r/k)^(kn)-1)÷(r/k)]
Fv 147600
P payment per month ?
R 0.085
K 12
N 10 years
Solve for p
P=147,600÷(((1+0.085÷12)^(12
×10)−1)÷(0.085÷12))
=784.53 payment per month

Other Questions