Savings balance toward the down payment

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Reference no: EM131990349

How much money will the Halls have to set aside each month so as to have enough saved up for a down payment on the $230,000 house within 12 months, if the savings can grow at 1.5%? Assume that the closing costs amount to 1.5% of the loan and the down payment is 20% of the house price. The halls also plan to use half of their savings balance toward the down payment.

Reference no: EM131990349

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