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Starting Balance $6,819.00, goal at 5 years s $ 43,000. 2.5% interest. Compounded monthly. What monthly payments need to be deposited for 5 years to meet the goal of $43,000? What is the true ending balance?

Starting Balance $6,819.00, goal at 5 years s $ 43,000. 2.5% interest. Compounded monthly. What monthly payments need to be deposited for 5 years to meet the goal of $43,000? What is the true ending balance?

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...
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Starting Balance $6,819.00, goal at 5 years s $ 43,000. 2.5% interest. Compounded monthly. What monthly payments need to be deposited for 5 years to meet the goal of $43,000? What is the true ending balance?
Transcribed Image Text:Starting Balance $6,819.00, goal at 5 years s $ 43,000. 2.5% interest. Compounded monthly. What monthly payments need to be deposited for 5 years to meet the goal of $43,000? What is the true ending balance?
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