I now have $12,000 in the bank earning interest of 0.50% per month. I need $22,000 to make a down payment on a house. I can save an additional $100 per month. How long will it take me to accumulate the $22,000?

I now have $12,000 in the bank earning interest of 0.50% per month. I need $22,000 to make a down payment on a house. I can save an additional $100 per month. How long will it take me to accumulate the $22,000?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 6P

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