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Anishka is planning to buy his first home worth of $800,000 in 5 years. He has the option of putting 5% of the $800,000
Anishka is planning to buy his first home worth of $800,000 in 5 years. He has the option of putting 5% of the $800,000 down and pay the rest with a 30-year, 2.91% APR loan. Anishka has an option to invest her monthly savings in a mutual fund that offers an average annual return of 5%, compounded monthly. How much should Anishka invest every month for the next fiver years to have enough money to pay for the following in 5 years? - Down payment: 5% of $800,000 -The first 6 months of the mortgage payment - Homeowner's insurance: $213 - Mortgage insurance: $475 - Property taxes: $998
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