in an attempt to have funds for a down payment In six years , James plans...
in an attempt to have funds for a down payment In six years , James plans to save $3900 a year for the next 6 years. with an interest rate of 4% what amount will james have available for a down payment after the 6 years?
Homework Answers
Answer
| Annual payment × (1 + Interest rate)^Number of years-1)÷Interest rate | ||
| Annual payments | 3900 | |
| Interest rate | 4.00% | |
| Number of years | 6 | |
| Interest rate | 4.00% | |
| FV(5%,6,-4400,0,0) | ||
| $25,868.60 | ||
amount will james have available for a down payment after the 6 years is $ 25,868.60
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