Enough money for the down payment and closing costs

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Reference no: EM131308187

Suppose you want to buy a new home. You currently have $35,000, and you figure you need to have a 15% down payment plus an additional 7% of the loss amount for closing costs. Assume the type of house you want will cost about $250,000 and you can earn 7.5% per year. How long will it be before you have enough money for the down payment and closing costs?

Reference no: EM131308187

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