SOLUTION: Assume that you have $2100 saved in a sinking fund in 1 year. The account pays 3.5% compounded monthly. What should be your monthly payments?

SOLUTION: Assume that you have $2100 saved in a sinking fund in 1 year. The account pays 3.5% compounded monthly. What should be your monthly payments?

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Question 1198972: Assume that you have $2100 saved in a sinking fund in 1 year. The account pays 3.5% compounded monthly. What should be your monthly payments?
Answer by MathLover1(20850) (Show Source): You can put this solution on YOUR website!

given :
Money to accumulate: $
interest rate is: %=
frequency: months
period: year

the monthly interest rate is:

Your monthly payment should be $ to achieve your goal.

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