My question is: It will take Richard and Sarah 3 years to save enough for a down payment on a house at their current rates. If the house's downpayment is $108000, calculate the amount each person saves per month if they share the monthly savings. Your thoughts:
If they are to save every month for three years to reach the target amount, and each year has 12 months, they'll save for 12 * 3 = 36 months. If the house's downpayment is $108000, the total amount they both save per month is $108000 / 36 = $3000 every month. Since they share the monthly savings, each person will pay $3000 / 2 = = $1500. The final answer: 1500.