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Assume you have a saving account that pays 4% APR. If you have a beginning balance...

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Finance

Assume you have a saving account that pays 4% APR. If you have abeginning balance of$6000, How much do you need to save on amonthly basis in a saving account (add to your saving account) tohave a down payment of $20000 for a house in 5 years

Answer & Explanation Solved by verified expert
4.4 Ratings (596 Votes)
Step 1 Calculation the future value of beginning balance in saving account in 5 years We can use the Future value of lumsum formula to calculate this value Future value of lumsum P x 1rn Future value of lumsum future value of beginning balance in saving account in 5    See Answer
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Transcribed Image Text

Assume you have a saving account that pays 4% APR. If you have abeginning balance of$6000, How much do you need to save on amonthly basis in a saving account (add to your saving account) tohave a down payment of $20000 for a house in 5 years

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