Question

Christa wants to buy a house for $949,900 next year. The bank approved her application for a mortgage (the amount she had to borrow) in the amount of $735,000. Approximately how much money does she have to have to buy this house (down payment).


Christa has a very good job! She earns $250,000 per year. After paying her rent, her car payments, groceries, student loans, etc. She has been able to save $120,000 every year. How many years must she work to save the money for the house?

Answer 1

Answer:

1.$214,900

2.1 year and 7 months approx.

Step-by-step explanation:

1.Amount of house: $949,900

Amount she borrow from bank: $735,000

Amount of money she need to pay more = Amount of house - Amount she borrow from the bank

= 949,900 - 735000

=$214,900

2.Amount she earns per year: $250,000

Amount she able to save: $120,000

Amount she need to pay: $214,900

Years she must work to save money for house = Money she need to pay ÷ Money she able to save

=214,900÷120,000

= 1.7908333...

=1 year and 7months approx.