Mr. and Mrs. Johnson estimate they need $50,000 to pay for their daughter, Ellen, to attend...
Mr. and Mrs. Johnson estimate they need $50,000 to pay for their daughter, Ellen, to attend college in ten years. How much do they need to save each month, if they expect to earn 7% interest per year? (Assume they already have saved $10,000 for Ellen s college, and they want to save at the beginning of each month.)
Please show TMV calculations
Homework Answers
Calculating Monthly Payment,
using TVM Calculation,
PMT = BEG[PV = -10,000, FV = 50,000, N = 120, I = 0.07/12]
PMT = $171.77
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