you have decided to buy a new house 3 years from now. The current price of the house is $167,147.89, and the price is expected to rise by 2.5% per year until you are ready to buy it. The bank is requiring a 20% down payment, and closing costs will be 5% of the amount borrowed. Assuming you are starting with no money, how much will you need to save each month to be able to obtain the mortgage 3 years from now? Assume you will be able to achieve an annual return of 4.5% on your savings.

You have decided to buy a new house 3 years from now. The current price of the house is $167,147.89, and the price is expected to rise by 2.5% per year until you are ready to buy it. The bank is requiring a 20% down payment, and closing costs will be 5% of the amount borrowed. Assuming you are starting with no money, how much will you need to save each month to be able to obtain the mortgage 3 years from now? Assume you will be able to achieve an annual return of 4.5% on your savings. Multiple Choice $935.89 $1123.07 O $1147.58 O $1100.64 O $4518.32