Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

How much do I need to save?

Posted on 05/05/2021 11:54:01 AM PDT by jroehl

I want to save up $20,000 in the next 4 years to buy a house. If my bank offers me a savings plan with an APR of 2.5% when I make monthly payments, how much will I need to save each month?


TOPICS: Education
KEYWORDS:
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-77 last
To: 4Liberty
You should answer your OWN homework assignments for the introductory Accounting class you are taking at community college, instead of going to a random website....

Actually, thi is not some random web site. There are more people here who can give him/her the advice they need than any other place on the WWW..

You being a member since 1998, should know that.
61 posted on 05/05/2021 2:28:48 PM PDT by OneVike (Just another Christian waiting to go home)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Bell Bouy II
This is not a financial site of which there a plenty. I suggest you find one, and fast as you are obviously a prime target for scammers.

Actually, thi is not some random web site. There are more people here who can give him/her the advice they need than any other place on the WWW.
62 posted on 05/05/2021 2:29:31 PM PDT by OneVike (Just another Christian waiting to go home)
[ Post Reply | Private Reply | To 8 | View Replies]

To: OneVike

Opinions are like yourself


63 posted on 05/05/2021 2:30:11 PM PDT by Bell Bouy II
[ Post Reply | Private Reply | To 62 | View Replies]

To: jroehl

Save $20K the first month.

Take the next 47 months off


64 posted on 05/05/2021 2:33:02 PM PDT by woodbutcher1963
[ Post Reply | Private Reply | To 1 | View Replies]

To: OneVike

bye the way..
Anyone that comes to Free Republic.com for financial advise is a 100% total Frig’en idiot and your promoting that puts you as the top idiot


65 posted on 05/05/2021 2:34:50 PM PDT by Bell Bouy II
[ Post Reply | Private Reply | To 62 | View Replies]

To: OneVike
Folks, no offense intended. It was the type of question that I get from my college students, after they leave my class to take another course. This happens occasionally - a student will send me a question to help them answer that sounds suspiciously like a homework task in a class they're currently enrolled in. I took it in that spirit.

Snarky comments are common on FR, so I thought I would follow suit. I guess I'm not allowed an occasional 'wise' remark, will have to reread the rule book. ;)

PS, I'm not a dude.

66 posted on 05/05/2021 2:35:25 PM PDT by 4Liberty (Honest GOP can’t use legal options cause Dems use illegal ones (threats). The Robert Creamer Party! )
[ Post Reply | Private Reply | To 61 | View Replies]

To: jroehl

By the time 4 years pass then the monthly payment might be $20,000.


67 posted on 05/05/2021 3:01:47 PM PDT by Revel
[ Post Reply | Private Reply | To 1 | View Replies]

To: Steely Tom

“Oh, sorry, I thought you said two years. For four years, it’s $396.61.”

You rounded up from $396.60617. Well done.


68 posted on 05/05/2021 3:26:16 PM PDT by EQAndyBuzz (Keep the Faith. Everything happens for a reason.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: 4Liberty

Yes, this was a question on my college level math class final exam.


69 posted on 05/05/2021 3:39:30 PM PDT by jroehl
[ Post Reply | Private Reply | To 66 | View Replies]

To: jroehl

Asking a question like this will draw out all the senile, old goats on FR who will scream like little girls that you’re doomed.

Go to a financial website where there are sane people who are willing to provide sensible financial advice.


70 posted on 05/05/2021 3:41:11 PM PDT by sergeantdave (Federal courts no longer have any standing in America. )
[ Post Reply | Private Reply | To 1 | View Replies]

To: sergeantdave

But I like the senile, old goats on FR!


71 posted on 05/05/2021 3:50:06 PM PDT by jroehl
[ Post Reply | Private Reply | To 70 | View Replies]

To: jroehl

“But I like the senile, old goats on FR!”

Well, follow their advice then.


72 posted on 05/05/2021 4:17:50 PM PDT by sergeantdave (Federal courts no longer have any standing in America. )
[ Post Reply | Private Reply | To 71 | View Replies]

To: Red Badger
Where can you buy a house for $20,000?...................

Where can you find a bank that pays 2.5% interest?

73 posted on 05/05/2021 4:22:20 PM PDT by pfflier
[ Post Reply | Private Reply | To 14 | View Replies]

To: jroehl

Not going to happen. No solvent bank is offering 2.5 percent on a saving account. You have some options at 0.5 %


74 posted on 05/05/2021 4:30:23 PM PDT by PAR35
[ Post Reply | Private Reply | To 1 | View Replies]

To: z3n; Red Badger

Start with free land.

https://www.cheatsheet.com/money-career/get-your-land-for-nothing-and-your-house-for-free-places-in-america-that-will-pay-you-to-live-there.html/

More recent story here:
https://gokcecapital.com/free-land/

Or if you want a house already built, look for a dollar home (you have to buy your own body armor)

https://www.hud.gov/program_offices/housing/sfh/reo/goodn/dhmabout


75 posted on 05/05/2021 5:00:13 PM PDT by PAR35
[ Post Reply | Private Reply | To 42 | View Replies]

To: SouthParkRepublican

Fixed low rate is everything in an inflation cycle. Rampant spending in the Nixon / Ford / Carter era led to inflation subsequently. The money supply has been increased triple over that earlier cycle. We are seeing the consequences now.

Having a fixed mortgage instead of increasing rent is critical. I was renting in the Carter era and wish I could have had a PIM route at that time.


76 posted on 05/05/2021 5:18:35 PM PDT by KC Burke (If all the world is a stage, I would like to request my lighting be adjusted.)
[ Post Reply | Private Reply | To 59 | View Replies]

To: jroehl

Where did you find a bank paying 2.5% interest?!


77 posted on 05/05/2021 5:49:24 PM PDT by Jim from C-Town (The government is rarely benevolent, often malevolent and never benign! )
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-77 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson