Mike is saving up to buy a house. He puts away 10% of his $150,000 a year salary. He needs to save up 20% of the cost of a $450,000 house for a downpayment. How long will it take?
Please answer and provide answer explanation.
6
He saves 150,000 *.

1 = $15,000 per year.

He needs 450,000 *.

2 = $90,000.

So he needs to save for 90,000 / 15,000 = 6 years.

.

So, the answer is 6