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You have moved to Melbourne to start your life and decide to get into the property market as soon as possible. The house price is
You have moved to Melbourne to start your life and decide to get into the property market as soon
as possible. The house price is high and you want to save the money for some years months before
you could afford the downpayment initial payment of the house. In this part, we will program to
calculate how long you need to save for make the payment of the house.
There are few rules variables you need to define to calculate:
Call the cost of your home totalcost
Call the portion of the cost needed for a initial payment portiondownpayment. For simplicity,
assume that portiondownpayment
Call the amount that you have saved so far as currentsavings. You start with a current
savings of
Assume that you invest your current savings wisely, with an annual return of r in other words,
at the end of each month, you receive an additional currentsavings r funds to put into
your savings the r is an annual rate Assume that your investments earn a return of r
Assume your annual salary is annualsalary.
Assume you are going to dedicate a certain amount of your salary each month to saving for the
down payment. Call that portionsaved. This variable should be in decimal form.
At the end of each month, your savings will be increased by the return on your investment,
plus a percentage of your monthly salary annualsalary
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