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

Question

Mathematics

Andrew Cannon

18 November, 07:20

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

+3

Answers (2)

Know the Answer?

Blackjack · Answer 1

60000x25%=15,000 - - > Payment

Months in 6 years:

6x12=72

Divide:

15000/72=208.333 ...

$208.33 (rounded)

Angie Landry · Answer 2

1. 60000x25%=15,000 - How much Julie's down payment will be

2. 6x12=72 - How many months are in six years

3. 15000/72=208.33r

So the answer would be $208.33 or $208.34 depending on how you are taught to write out your remainders.