If I'm looking at buying a house for $450,000, and want my deposit to be 20%, how much do I need to have saved?
Question
If I'm looking at buying a house for $450,000, and want my deposit to be 20%, how much do I need to have saved?
Solution
To calculate a 20% deposit on a $450,000 house, you would do the following:
- Convert the percentage into a decimal by dividing it by 100. So, 20% becomes 0.20.
- Multiply the price of the house by the decimal.
So, 90,000
Therefore, you would need to have 450,000 house.
Similar Questions
How much would the bank lend me if I buy a house worth $700,000 and pay a 20% deposit?
How much would you need to deposit in an account each month in order to have $20,000 in the account in 10 years? Assume the account earns 5% interest.
You would like to save up for a deposit of $30,000 to buy a home in exactly 8 years. You can invest your savings at an interest rate of 6.5% per year (compounded yearly). Calculate the amount that you must save at the end of each year for the next 8 years to have enough savings for this deposit (to the nearest dollar).
Your goal is to accumulate $100,000 in four years' time. What half-yearly deposit must you make into a savings account to reach your goal? Interest rates are 5% per half-year. Group of answer choices $2,264.88 $11,446.73 $23,201.18 $10,472.18
Suppose you want to have $400,000 for retirement in 25 years. Your account earns 7% interest. How much would you need to deposit in the account each month to reach your goal?Round your answer to the nearest cent as needed.
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.