Suppose you deposit $75 every month for 21 (variable) years into an account with an APR of 6% compounded monthly. How much will you have in the account at the end of 21 years? Round to 2 decimal places.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
icon
Related questions
Question

help with these math questions 

1) Suppose you deposit $75 every month for 21 (variable) years into an account with an APR of 6% compounded monthly. How much will you have in the account at the end of 21 years? Round to 2 decimal places.

2)How much do you need to deposit monthly into an account with an Apr of 5% compounded monthly, so that you accumulate $20,000 by the end of 10 years? Round to 2 decimal places.

3)You are looking to purchase a home and you require a loan of $400,000. Determine your monthly payments if the bank charges APR = 4.1% interest compounded monthly and the amortization period is 25 years. 

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Transcendental Expression
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage