I=ptr
i=(3000)(1461)(3.5%)
i=153405
his cost will be $153 405 by 4 years
The 5 is the number of years that the interest rate is fixed (at the initial amount set when you sign the mortgage contract)
The 1 represents the idea that the interest rate will change every year after the initial 5 years are up.
Answer:
It will take 88.2 months to accumulate the amount
Step-by-step explanation:
Given;
Future value of money, FV = $25,000
investment per compound period, P = $200
interest rate, i = 0.75% x 12 = 9%
The number of monthly installments required to amount to FV is given by;

Therefore, it will take 88.2 months to accumulate the amount.