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veryrarecobain
30.10.2020 •
Mathematics
Sofia and Manuel are purchasing a home. They wish to save money for 15 years and purchase a house that has a value of $200,000 with cash. If they deposit money into an account paying 5% interest, how much do they need to deposit each month in order to make the purchase? Round your answer to the nearest cent, if necessary.
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Ответ:
Monthly deposit= $745.76
Step-by-step explanation:
Giving the following information:
Future Value (FV)= $200,000
Number of periods= 15*12= 180 months
Interest rate= 0.05/12= 0.0042
To calculate the monthly deposit, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (200,000*0.0042) / [(1.0042^180) - 1]
A= $745.76
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