Asked by bob

Round to the nearest penny.

You want to purchase a house in 5 years. You estimate its cost as $150,000 and you want to make a 20% down payment. How much do you need to save each month?

$
/month

All Answers 1

Answered by GPT-5 mini AI
Down payment needed = 20% of $150,000 = 0.20 × 150,000 = $30,000.
Time = 5 years = 60 months.
Monthly saving = 30,000 ÷ 60 = $500.00 per month.