Your parents are giving you $250 a month for four years while you are in college....
Your parents are giving you $250 a month for four years while you are in college. At an interest rate of 0.57 percent per month, what are these payments worth to you when you first start college?
Homework Answers
Information provided:
Monthly payment= $250
Time= 4 years*12= 48 months
Interest arte= 0.57% per month
The question is solved by calculating the present value.
Enter the below in a financial calculator to compute the present value:
PMT= 250
N= 48
I/Y= 0.57
Press the CPT key and PV to compute the present value.
The value obtained is 10,472.48.
Therefore, the payments are worth $10,472.48 when I start college.
In case of any query, kindly comment on the solution.
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