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Suppose you want to buy a new house. You currently have R15 000 and you figure you need to have a 10% down payment plus
Suppose you want to buy a new house. You currently have R15 000 and you figure you need to have a 10% down payment plus an additional 5% of the loan amount in closing costs. If the type of house you want costs about R150 000 and you can earn 9.2% per year, how long will it be before you have enough money for the down payment and closing costs?
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