Answered

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Julieta and Eric are purchasing a home. They wish to save money for years and purchase a house that has a value of $190,000 with cash. If they deposit money into an account paying 7% interest, compounded monthly, how much do they need to deposit each month in order to make the purchase

Sagot :

Anthougoidn

If Julieta and Eric deposit $845.59 per month for 12 years, they will accumulate $190,000.

Explanation:

N (# of periods) = 144 (12 years x 12 months)

I/Y (Interest per year) = 7%

PV (Present Value) = $0

FV (Future Value) = $190,000

 

Results:

Monthly Deposit = $845.59

Sum of all periodic payments = $121,765.07

Total Interest = $68,234.93

Thus, the monthly deposit is $845.59.

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