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# paul wonders what it would be like to own a house of his own within five years he now rents

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o-bedroom apartment with a friend. He pays half the \$740 monthly rent. A two-bedroom bungalow on his street is for sale with an asking price of \$107 900 and has annual property taxes of approximately \$2800. a) a. As a first time homebuyer, Paul would need a 5% downpayment. Calculate this amount. b) How much would Paul need to save each month to have the down payment saved is 5 years? Is this amount and the time period reasonable? Explain. c. Use a TVM Solver to determine the monthly mortgage payment for this house, less the down payment. Assume the interest rate is 6% per year and the mortgage is amortized over 25 years. d) Calculate the monthly payment to the bank for the mortgage plus the monthly portion of the property taxes. e) e. Bills from the current owners show that electricity averages \$180 every two months, natural gas averages \$115 per month, and water averages \$260 every four months. Calculate the average monthly utility expenses for the house.
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