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How long it take you to save money to make payment

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Question - You intend to finance your home purchase through the government FHA program, which requires a 5% down payment. It has been determined that you can afford a $195,000 home. If you can contribute $475 a month to an account that earns 3.25% compounded monthly, how long will it take you to save up enough money to make a down payment that is 5% of the price of the home?

Reference no: EM132009234

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