Your prepared to make monthly payments of $225, beginning at the end of this month, into...
Your prepared to make monthly payments of $225, beginning at the end of this month, into an account that pays 10% interest compounded monthly. How many payments will you have made when your account balance reaches $60,000? Please show all calculations and answers.
Homework Answers
Calculating number of deposits,
Using TVM Calculation,
N= [PV = 0, FV = 60,000, PMT = 225, I = 0.10/12]
N = 141
So,
Number of payments = 141
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