You begin putting 500 a month into a savings account that, Ask an Expert

Economics

You are trying to save for a down payment for a new house worth $100,000. The bank requires that you have a 20% down payment. You begin putting $500 a month into a savings account that pays 3% compounded monthly. A) How long until you have enough for a down payment? B) What is the present value of your account?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9439907

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