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b. Suppose your budget for the house is 500,000. If you plan to put down 20% for a down payment, how much should you deposit
b. Suppose your budget for the house is 500,000. If you plan to put down 20% for a down payment, how much should you deposit into your savings account each month to make sure that you have enough money for the down payment in 5 years? Assume that the account pays 6% interest annually.
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