SOLUTION: Please help me solve this problem: Suppose you want to accumulate $25,000 as down payment on a house and the best you can do is to put aside $200 a month. If you deposit this a

Question 319235: Please help me solve this problem:
Suppose you want to accumulate $25,000 as down payment on a house and the best you can do is to put aside $200 a month. If you deposit this amount at the beginning of each month in an account that credits 0.75% interest monthly, how long will it take you to attain your goal?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Let (.75%)
After the 1st month, I have

After the 2nd month, I have

After the 3rd month, I have

----------------------------
I can write the formula

where = number of months invested

Solve this using logs

it will take 646.2 months or 53.8 years

RELATED QUESTIONS
Please help! Suppose you want to accumulate $25,000 as down payment on a house and the (answered by mananth)

You want to buy a $25,000 car. You can make a 10% down payment, and will finance the... (answered by Boreal)

You want to buy a $224,000 home. You plan to pay 10% as a down payment, and take out a 30 (answered by Boreal)

Please help me solve this Suppose you can afford to pay at most $600 per month for a... (answered by ikleyn)

Can you please help me with this problem? I've been trying to figure it out but I'm... (answered by Theo)

A car dealer offer you two deals on a car that costs $16,000.00. Please calculate the... (answered by rfer)

You want to buy a $242,000 home. You plan to pay 10% as a down payment, and take out a 30 (answered by greenestamps)

Suppose you want to purchase a $ 195000 house. If you put 20% down and finance the rest... (answered by Theo,math_tutor2020)

can you please answer this question for me in best detail as you can? i dont understand... (answered by lauren_carlos)