You are trying to save up for a downpayment on a home and you need $55, 000 to cover closing costs and the down payment. You can save $975 per month for the house and put it in your savings account that has a 7.65% interest rate with monthly compounding. How many months of these deposits are necessary before the account hits $55, 000.
You are trying to save up for a downpayment on a home and you need $55, 000 to cover closing costs and the down payment. You can save $975 per month for the house and put it in your savings account that has a 7.65% interest rate with monthly compounding. How many months of these deposits are necessary before the account hits $55, 000.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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You are trying to save up for a downpayment on a home and you need $55, 000 to cover closing costs and the down payment. You can save $975 per month for the house and put it in your savings account that has a 7.65% interest rate with monthly compounding. How many months of these deposits are necessary before the account hits $55, 000.
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