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kotegsom [21]
2 years ago
10

Hey guys please answer me this ASAP

Mathematics
1 answer:
xxMikexx [17]2 years ago
6 0
Graph four shows the increase
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(1 point) In 7 years Harry and Sally would like to have $14000 for a down payment on a house. How much should they deposit each
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Answer:

$110.37

Step-by-step explanation:

Assuming the monthly payment is made at the beginning of the month, the formula for the monthly payment P that gives future value A will be ...

... A = P(1+r/12)((1+r/12)^(nt) -1)/(r/12) . . . . n=compoundings/year, t=years

... 14000 = P(1+.11/12)((1+.11/12)^(12·7) -1)/(.11/12)

... 14000 = P(12.11)((1+.11/12)^84 -1)/0.11 ≈ P·126.84714 . . . . fill in the given values

... P = 14000/126.84714 = 110.37 . . . . . divide by the coefficient of P

They should deposit $110.37 at the beginning of each month.

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