Noah has just purchased a previously owned home. he put $5,000 towards a down payment and took out a $65,000 mortgage. noah knows that his older home will need maintenance right away and wants to budget enough for this coming year for unexpected expenses. when estimating costs for home repair and maintenance, a good estimate is to budget 1% of the purchase price of a house. what would be a good yearly estimate of repairs and maintenance for noah’s home?

$ 700

Explanation:

Repairs and maintenance cost is 1 % of purchase price

Purchase prices = Down payment + mortgage fee

   =$ 5000 +$ 65,000

   =$ 70000

repairs and maintenance = 1/100 x $ 70,000

     =0.01x $ 70,000

     =$ 700

month 1 start amount =$3287.90 interest=(3287.90x0.0145/12)3.97 total to pay=$3291.81 paid =$1200 balance =$2,091.87

month 2 starting amount= $2,091.87 interest =$25.28 total to pay =$2117.15 paid =$1200 balance $917.15

month 3 starting amount =$917.15 interest =$11.08 total to pay =$928.23 paid =$928.23 balance =$0 total to pay 1200+1200+928.23 = $3328.23 it will take 3 months to pay a total of $3328.23

the answer to this question would be shared investment