Joanne has a goal of buying a townhome and saved for 5 years. She expected to have the down payment of $15,000 saved by now but

Question

14 days ago

15

Joanne has a goal of buying a townhome and saved for 5 years. She expected to have the down payment of $15,000 saved by now but

unfortunately she is $2,000 short. Joanne is stressed and ready to give up. As her friend, what would you say to Joanne to convince her that she should not give up? Give her an option of how she might adjust her plan.

Mathematics

2 answers:

Zina [9.1K] · Answer 1 · 2026-03-13T19:57:22+03:00

Response:

Detailed explanation:

Average savings per year = $\frac{15,000}{5}$

=$ $3000$

Thus, it indicates that Joanne has saved $3000 on average annually. She only requires another $2000, which she can easily accumulate in less than a year.

To determine the months needed to save $2000:

$\frac{12}{3000} \times2000$

= $8$ Months.

Joanne will need only 8 months to save that amount.

If she wishes to purchase the home immediately, she could consider obtaining a home loan for the $2000 with an interest rate below 50% per annum, as she saves $3000 each year.

Svet_ta [9.5K] · Answer 2 · 2026-03-13T19:54:25+03:00

Considering the situation where Joanne is short $2,000 from the anticipated $15,000 down payment for a townhouse, a suggestion could be for her to invest her funds in a high-interest opportunity and wait for it to grow. However, if time is an issue, it may be better to recommend that she puts down $13,000 but will incur higher interest since the remaining amount will be greater.