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you are purchasing a house 12 years from now the estimated purchase price is 171,600.00 you want to make a 20%down payment how much do you have to save per month to reach your goal

Respuesta :

You need to save $238.33 per month.

We need to save 20% of 171600; this is 0.2(171600) = $34320

We have 12 years to save for this; 12 months per year for 12 years is 144 months:

144x = 34320

Divide both sides by 144:
144x/144 = 34320/144 
x = 238.33

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