David Puddy has decided to purchase a $210,000 vacation home. He will take a standard,...
70.2K
Verified Solution
Link Copied!
Question
Finance
David Puddy has decided to purchase a $210,000 vacation home. He will take a standard, 30-year fixed, mortgage with monthly payments and was able to obtain a 3.9% APR from his bank for the loan. Unfortunately, David can only afford monthly payments of $950.
What is the amount of the down payment David will need in order to purchase this vacation home? Approximately
If David deposits $400 each month in an money-market account earning a nominal rate of 2.5% , how long will it take for David to save up his down payment to purchase his vacation home? (Approximately how many months?)
Group of answer choices
None of these choices
$12,601, 27 months
$14,991, 29 months
$8,587, 21 months
$7,601, 19 months
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.