The amount that Adam needs to save per year, month, week, and day to meet up with the required contribution of $3,000 in down payment 4 years are as follows:
Period      Expected Savings Â
Year           $750.00
Month          $62.50
Week          $14.423
Day            $2.055
A down payment is an initial amount that a purchaser of an expensive item pays as part of the mortgage terms.
It is an upfront payment made to reduce the amount of loan granted to the buyer.
Contribution for down-payment = $3,000
Period of saving = 4 years
Period      Expected Savings Â
Year       $750 ($3,000/4 years)
Month      $62.50 ($3,000/48 months)
Week      $14.423 ($3,000/208 weeks)
Day        $2.055 ($3,000/1,460 days)
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