You want to save $20,000 for a down payment on a home by making regular monthly deposits over five years. Take the APR to be 8%. How much money do you need to deposit each month?
Added by Margarita C.
Step 1
We need to find the monthly interest rate. The APR is 8%, so the monthly interest rate is: $$ \frac{8\%}{12} = \frac{0.08}{12} = 0.0066667 $$ Show more…
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