Question
Same wording but different questions!! 1)The Germane family has found the perfect house in Thessaloniki, Greece that they would like to use for their summer
Same wording but different questions!!
1)The Germane family has found the perfect house in Thessaloniki, Greece that they would like to use for their summer vacation. To purchase this $1,000,000 beach house, their bank requires a 40% down payment, which the Germane family plans to have saved 5 years from now. They earn $8,000 per month, and their savings account earns 6% interest compounded monthly. What is the required down payment?
2)The Germane family has found the perfect house in Thessaloniki, Greece that they would like to use for their summer vacation. To purchase this $1,000,000 beach house, their bank requires a 40% down payment, which the Germane family plans to have saved 5 years from now. They earn $8,000 per month, and their savings account earns 6% interest compounded monthly. What amount must be saved each month?
3)The Germane family has found the perfect house in Thessaloniki, Greece that they would like to use for their summer vacation. To purchase this $1,000,000 beach house, their bank requires a 40% down payment, which the Germane family plans to have saved 5 years from now. They earn $8,000 per month, and their savings account earns 6% interest compounded monthly. The monthly savings required constitutes what percentage of monthly salary?
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