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I now have $21,000 in the bank earning interest of .75% per month. I need $31,000 to make a down payment on a house. I can save an additional $100 per month. How long will it take me to accumulate the $31,000

Respuesta :

Zviko

Answer:

7 years 2 months.

Explanation:

Use the time value of money techniques to find the period, the time in years it will take to reach $31,000.

PV = - $21,000

i = 0.75 %

P/yr = 12

Pmt = - $100

Fv = $31,000

N = ?

Using a Financial Calculator to enter the values as above, N is 86.06 months that is 7 years 2 months.

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