A guy named Stranger Thing can afford to pay $545 each MONTH for the next 6 years to pay towards a strange house. The interest rate is 6.1% compounded monthly. What is the value of the house that he can afford today?   $8,808.66   $32,791.55   $47,240.14   $2,671.54

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
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A guy named Stranger Thing can afford to pay $545 each MONTH for the next 6 years to pay towards a strange house. The interest rate is 6.1% compounded monthly. What is the value of the house that he can afford today?

 

$8,808.66

 

$32,791.55

 

$47,240.14

 

$2,671.54

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