(1 point)\nyou want to buy a house in 9 years. the estimated cost is $175,800.00. you want to make a 20%…

(1 point)\nyou want to buy a house in 9 years. the estimated cost is $175,800.00. you want to make a 20% down payment and closing costs are 7%. how much in totality do you need to save each month to reach your goal if you cover closing costs and the down payment? round any decimals to the nearest penny.\n$ /month

(1 point)\nyou want to buy a house in 9 years. the estimated cost is $175,800.00. you want to make a 20% down payment and closing costs are 7%. how much in totality do you need to save each month to reach your goal if you cover closing costs and the down payment? round any decimals to the nearest penny.\n$ /month

Answer

Explanation:

Step1: Calculate down - payment amount

The down - payment is 20% of the house cost. So the down - payment amount $D$ is $D = 0.2\times175800=$35160$.

Step2: Calculate closing costs amount

The closing costs are 7% of the house cost. So the closing costs amount $C$ is $C=0.07\times175800 = $12306$.

Step3: Calculate total amount to save

The total amount $T$ to save is the sum of the down - payment and closing costs, $T=D + C=35160+12306=$47466$.

Step4: Calculate number of months

There are 9 years, and since 1 year has 12 months, the number of months $n=9\times12 = 108$ months.

Step5: Calculate monthly savings

The monthly savings $M$ is the total amount to save divided by the number of months. So $M=\frac{47466}{108}\approx$439.50$.

Answer:

$439.50$