I now have $23,000 in the bank earning interest of .50% per month. I need $33,000 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 $33,000?
1 answer:
Answer:
41.92 months
Explanation:
In this question, we use the NPER formula which is shown in the spreadsheet.
The NPER represents the time period.
Given that,
Present value = $23,000
Future value = $33,000
Rate of interest = 0.50%
PMT = $100
The formula is shown below:
= NPER(Rate;-PMT;-PV;FV;type)
The present value and the PMT comes in negative
So, after solving this, the answer would be 41.92 months
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