Alexis and Will are purchasing a home. They wish to save money for 10 years and purchase a house that has a value of $180,000 with cash. If they deposit money into an account paying 12% interest, how much do they need to deposit each month in order to make the purchase?

Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 6E
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Alexis and Will are purchasing a home. They wish to save money for 10 years and purchase a house that has a value of $180,000 with cash. If they deposit money into an account paying 12% interest, how much do they need to deposit each month in order to make the purchase?

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