Sarafina is making monthly payments into an annuity. She wants to have $600 in the fund to buy a new convection range in six months, and the accounts pays 4.8% annual interest. What are her monthly payments to the account?
+118723 Sarafina is making monthly payments into an annuity. She wants to have $600 in the fund to buy a new convection range in six months, and the accounts pays 4.8% annual interest. What are her monthly payments to the account?
This is a future value of an ordinary annuity (the first payment is immediate, the first interest is paid at the end of the month.
C=? FV=600, i=0.048/12=0.004, n=6
You can sub the values in and get the answer :)
+118723 Sarafina is making monthly payments into an annuity. She wants to have $600 in the fund to buy a new convection range in six months, and the accounts pays 4.8% annual interest. What are her monthly payments to the account?
This is a future value of an ordinary annuity (the first payment is immediate, the first interest is paid at the end of the month.
C=? FV=600, i=0.048/12=0.004, n=6
You can sub the values in and get the answer :)
