In order to accumulate enough money for a down payment on a house, a couple deposits...

Question

Question

In order to accumulate enough money for a down payment on a house, a couple deposits $624 per month into an account paying 6%

Answer 1

Answer #1

Annuity formula I A= R. (1++) - 1 NE ro r= R = n= t = 0.06 int in Decimal 624 12 12 paymente per 3 years. year 12.83 A : 624.

Answer 2

Similar Homework Help Questions

In order to accumulate enough money for a down payment on a house, a couple deposits...

In order to accumulate enough money for a down payment on a house, a couple deposits $435 per month into an account paying 6% compounded monthly. If payments are made at the end of each period, how much money will be in the account in 6 years?
In order to accumulate enough money for a down payment on a house, a couple deposits...

In order to accumulate enough money for a down payment on a house, a couple deposits $407 per month into an account paying 6% compounded monthly. If payments are made at the end of each period, how much money will be in the account in 5 years? Type the account in the account: $_______
1. In order to accumulate enough money for a down payment on a house, a couple deposits $507 per month into an account...

1. In order to accumulate enough money for a down payment on a house, a couple deposits $507 per month into an account paying 3% compounded monthly. If payments are made at the end of each period, how much money will be in the account in 5 years? 2. A company estimates that it will need $125,000 in 16 years to replace a computer. If it establishes a sinking fund by making fixed monthly payments into an account paying 3.3%...

del 5629 per month into an account paying In order to accumulate enough money for a...

del 5629 per month into an account paying In order to accumulate enough money for a down payment on a house, a couple deposits $629 per month into an account paying 3% compounded monthly. If payments are made at the end of each period, how much money will be in the account in 6 years? What is the amount in the account after 6 years? in 6 years $07 Round to the nearest cent as needed.)
1. In order to accumulate enough money for a down payment on a house, a couple...

1. In order to accumulate enough money for a down payment on a house, a couple deposits $745 per month into an account paying 6% compounded monthly. If payments are made at the end of each period, how much money will be in the account in 6 years? 2. Find the payment that should be used for the annuity due whose future value is given. Assume that the compounding period is the same as the payment period. $14,000; quarterly payments...
The Weidmans want to save $20,000 in 4 years for a down payment on a house.

4.The Weidmans want to save $20,000 in 4 years for a down payment on a house. If they make monthly deposits in an account paying 12%, compounded monthly, what is the size of the payments that are required to meet their goal? 5. (a) Patty Stacey deposits $2200 at the end of each of 5 years in an IRA. If she leaves the money that has accumulated in the IRA account for 25 additional years, how much is in her account at the...

A couple wants to save $14,000 for a down payment for a house in 4 years....

A couple wants to save $14,000 for a down payment for a house in 4 years. For four years they will make deposits at the end of each month into an account which earns 7% compounded semiannually. Determine the size of the payments needed.
The Weidmans want to save $25,000 in 3 years for a down payment on a house....

The Weidmans want to save $25,000 in 3 years for a down payment on a house. If they make monthly deposits in an account paying 12%, compounded monthly, what is the size of the payments that are required to meet their goal? (Round your answer to the nearest cent.)
In order to buy a house you want to accumulate a down payment of $15,000. You...

In order to buy a house you want to accumulate a down payment of $15,000. You can do that by putting a certain sum of money every month in a savings account for the next four years. The account credits interest at the rate of six percent. What is your required monthly deposit? Relevant Periods= Relevant Rate= Deposit Amount=

A butcher shop knows that it must buy a new machine in 5 years. The machine...

A butcher shop knows that it must buy a new machine in 5 years. The machine costs $15,000. In order to accumulate enough money for the machine, the shop owner decides to deposit a sum of money at the end of each 6 months in an account paying 5% compounded semiannually. How much should each payment be? The deposits form an ordinary annuity because the deposits are made at the end of each period. Therefore, the formula should be used....