Question

If a household is saving 30% of their total bi-weekly gross pay of $2,051.00, determine how many months it will take to save a 20% down payment and 1.5% for closing costs for a property with a purchase price of $281,700.00.
45

46

54

55

(25 POINTS)

Answer 1

Based on the amount saved per week and the down payment of the property, the number of months it will take to save the amount is 46 months.

How long will it take for the family to save the amount?

First, find out the amount saved per month:

= (30% x 2,051) x 2 payments a month

= $1,230.60

The downpayment is:

= 281,700 x 20%

= $56,340

The closing cost is:

= 1.15 x 56,230

= $843.45

The number of months till the amount is saved is:

= (56,340 + 843.45) / 1,230.60

= 46 months

Find out more on mortgage downpayments at brainly.com/question/9893085.

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