Question

In order to accumulate enough money for a down payment on a house, a couple deposits $316 per month into an account paying 6% compounded monthly. If payment are made at the end of each period, how much money will be in the account In 3 year?

Answer 1

0.06(316x) + 316x

x = 36

0.06(11376) + 11376

682.56 + 11376

12058.56

$12058.56 will be in the account in 3 years