# Finance Question - Help me please!?

Answers:0 | LastUpdateAt:2012-10-06 08:28:27

**Q**uestion- choconcung
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Torre family wants to make a home improvement that will cost 60K . They want to finance the cost as much as possible , with a home equity loan , but can only afford payments of 600 per month. Your bank offers loans of capital at 12% compounded monthly for a maximum term of 10 years. MedlinePlus
1) How much money would you need as a down payment? MedlinePlus
2) Bank account pays 8 % compounded quarterly . If you delay starting the project for 2 years, how much would you save each quarter to make the payment required if the loan rate and the estimated cost remain the same .

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