The Jones want to save $78,000.00 in 2 years for a down payment on a house. If they make monthly deposits in an account paying 3% compounded monthly, what is the size of the payments that are required to meet their goal? The monthly payments are $ (Round to 2 decimal places.) Question Help: MMessage instructor Submit Question

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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The Jones want to save $78,000.00 in 2 years for a down payment on a house. If they make monthly
deposits in an account paying 3% compounded monthly, what is the size of the payments that are
required to meet their goal?
rces
The monthly payments are $
(Round to 2 decimal places.)
Question Help: Message instructor
Submit Question
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Transcribed Image Text:The Jones want to save $78,000.00 in 2 years for a down payment on a house. If they make monthly deposits in an account paying 3% compounded monthly, what is the size of the payments that are required to meet their goal? rces The monthly payments are $ (Round to 2 decimal places.) Question Help: Message instructor Submit Question MacBook Air 20 F3 F1 F2 F5 F7 F10 2$ 4. @ #3 % & * 2 5 7 8 9 W Y U P D H J K > Z C V M command command V
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