(Answered) 1 a family needs a 85000 for down payment of a house the

Economics

1. A family needs a $85,000 for down payment of a house. The family contributes $700 a month to a savings fund that pays 3.25 % interest compounded monthly. How long does it take to have the required amount?

1. Determine the monthly payments a family must contribute to a college fund, paying 3.75 % interest compounded monthly, for 22 years in order to cover the annual college cost of $35,000.

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