A newly married couple with a yearly income of $130,000 would like to save money for a down payment on a new home. After paying 40% per year in taxes, they would like to save 20% of the net yearly income. How many whole years will it take for them to save a down payment of $45,000?

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5 yrs |

After watching the video, try this problem to practice more.

Mary and John with a yearly household income of $95,000 would like to purchase a new car. After paying 25% per year in taxes, they would like to use 15% of the net yearly income to purchase the new car. How many whole years will it take them to purchase a new car priced at $18,000?

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5 yrs |