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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 money in those six years to make the down payment the 25%. Determine how much Julie must save every month

Julie wants to purchase a new home in six years She thinks that she can purchase a nice home in a good neighborhood for 60000 she wants to save money in those s class=

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Answer:

$208.33

Step-by-step explanation:

Julie has to make the down payment which is 25% of $60000 after saving for 6 years.

Therefore, Julie has to save a total of [tex]60000 \times \frac{25}{100} = 15000[/tex] dollars.

And Julie has to save it for the duration of 6 years i.e. (6 × 12) = 72 months.

Hence, Julie has to save [tex]\frac{15000}{72} = 208.33[/tex] dollars every month to make the down payment after 6 years. (Answer)

Answer:

Down payment = 25% of $60,000 = $15,000

Savings per year (for six years) = $15,000 ÷ 6 = $2,500

Savings per month = $2,500 ÷ 12 = $208.34

Julie would need to save $208.34 per month for six years to have a 25% down payment on a $60,000 home.

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