1.In order to accumulate enough money for a down payment on a house, a couple deposits $656 per month into an account p
Posted: Tue Sep 07, 2021 7:28 am
1.In order to accumulate enough money for a down payment on
a house, a couple deposits $656 per month into an account
paying 3% compounded monthly. (a) If payments are made at the
end of each period, how much money will be in the account in
5 years? (b) How much interest will be earned during the 5 years?
(c) Prepare a table showing the balance and interest for the first
three months.
(a) Type the amount in the account.
(b) How much interest will be earned during the 4 years?
(c) Prepare a table showing the balance and interest for the
first three months.
Month
Interest
Balance
1
656
2
3
a house, a couple deposits $656 per month into an account
paying 3% compounded monthly. (a) If payments are made at the
end of each period, how much money will be in the account in
5 years? (b) How much interest will be earned during the 5 years?
(c) Prepare a table showing the balance and interest for the first
three months.
(a) Type the amount in the account.
(b) How much interest will be earned during the 4 years?
(c) Prepare a table showing the balance and interest for the
first three months.
Month
Interest
Balance
1
656
2
3