How much money will the Halls have to set aside each month so as to have enough saved up for a down payment on the $195,000 house within 3 years, if the savings can grow at 0.8%? Assume that the closing costs amount to 1.8% of the loan and the down payment is 20% of the house price. The halls also plan to use half of their savings balance toward the down payment. Price of House at today's dollar: Inflation: House price at the time of purchase: Down Pay: Down Payment: Closing Costs: Total Money needed for Down Payment and Closing Cost: Annual Rate of return on investments: Number of months until purchase of house: Deposits required to accumulate the down pmt and closing costs
How much money will the Halls have to set aside each month so as to have enough saved up for a down payment on the $195,000 house within 3 years, if the savings can grow at 0.8%? Assume that the closing costs amount to 1.8% of the loan and the down payment is 20% of the house price. The halls also plan to use half of their savings balance toward the down payment. Price of House at today's dollar: Inflation: House price at the time of purchase: Down Pay: Down Payment: Closing Costs: Total Money needed for Down Payment and Closing Cost: Annual Rate of return on investments: Number of months until purchase of house: Deposits required to accumulate the down pmt and closing costs
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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How much money will the Halls have to set aside each month so as to have enough saved up for a down payment on the $195,000 house within 3 years, if the savings can grow at 0.8%? Assume that the closing costs amount to 1.8% of the loan and the down payment is 20% of the house price. The halls also plan to use half of their savings balance toward the down payment.
Price of House at today's dollar:
Inflation:
House price at the time of purchase:
Down Pay:
Down Payment:
Closing Costs:
Total Money needed for Down Payment and Closing Cost:
Annual Rate of return on investments:
Number of months until purchase of house:
Deposits required to accumulate the down pmt and closing costs:
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