Kanye wants to save $14,000 in 7 years by making monthly payments into an ordinary annuity...
Kanye wants to save $14,000 in 7 years by making monthly payments into an ordinary annuity for a down payment on a condominium at the shore. If the annuity pay
0.6% monthly interest, what will his monthly payment be?
Round up to the nearest cent
Homework Answers
![Future value = pmtx ((1+r)^n-1))/ PMT = Save each month = PMT= FV + ((1+r)^n-1))/r $128.67 [ 14,000/(((1.006484)-1)/0.006)]](http://img.homeworklib.com/questions/af7d7550-5c5b-11eb-b168-79362a866d36.png?x-oss-process=image/resize,w_560)
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Kanye wants to save $14,000 in 7 years by making monthly
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Suppose payments were made at the end of each month into an ordinary annuity earning interest...
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