Answer:
87
Step-by-step explanation:
95 - 7 = 87
Answer:
7
Step-by-step explanation:
The rule of the payout annuity is

P is the initial amount
d is regular withdrawals
r is the annual rate in decimal
n is the number of periods in a year
t is the time
Since you have $500 000 saved, then
P = 500000
Since the interest is 8%, then
r = 8/100 = 0.08
Since the time is 15 years, then
t = 15
Since you want the monthly amount, then
n = 12
Substitute them in the rule to find d

Then you will be able to pull $4778.260422 each month
In most cases, if the interest rate increases, the payment will also go up or increase.
<h3>What is the interest rate?</h3>
When you have a loan or debt, the interest rate refers to the amount of money per month, year, etc. that you paid for the benefit of having borrowed the money.
- This is usually a small percentage of the total debt.
<h3>What happens if the interest rate increases?</h3>
This increases your total debt, and therefore, you will need to pay more money every month or year.
Learn more about percentage in: brainly.com/question/8011401
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