Robert Wants To Accumulate At Least 45 000 By Depositing 1 300 At The End Of Each Month Into A Fund That Earns Interes 1 (38.48 KiB) Viewed 38 times
Robert wants to accumulate at least $45,000 by depositing $1,300 at the end of each month into a fund that earns interest at 5.25% compounded monthly. a. How many deposits does he need to make in order to reach his goal? Round to the next payment b. How long will it take Robert to reach his goal? year(s) month(s) Express the answer in years and months, rounded to the next payment period
You plan to save money for a down payment of $41,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 4.25% compounded monthly. How long will it take you to save the planned amount? years months Express the answers in years and months, rounded to the next payment period
Lush Gardens Co. bought a new truck for $50,000. It paid $5,000 of this amount as a down payment and financed the balance at 6.50% compounded semi-annually. If the company makes payments of $2,100 at the end of every month, how long will it take to settle the loan? years months Express the answer in years and months, rounded to the next payment period
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