document.write( "Question 1193774: Moisha is saving up money for a down payment on a house. She currently has $5579, but knows she can get a loan at a lower interest rate if she can put down $6160. If she invests the $5579 in an account that earns 5.2% annually, compounded monthly, how long will it take Moisha to accumulate the $6160? Round your answer to two decimal places, if necessary. \n" ); document.write( "

Algebra.Com's Answer #825942 by MathTherapy(10552) $\"\"$ $\"About$

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Moisha is saving up money for a down payment on a house. She currently has $5579, but knows she can get a loan at a lower interest rate if she can put down $6160. If she invests the $5579 in an account that earns 5.2% annually, compounded monthly, how long will it take Moisha to accumulate the $6160? Round your answer to two decimal places, if necessary.
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SIMPLY use the following Future Value formula for a value of $1: \r\n" );
document.write( "         \r\n" );
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document.write( "        ------- Converting to LOGARITHMIC form\r\n" );
document.write( "Time, or  = 1.90926384 years ≈ 1.91 years, or approximately 1 year 10.9 months, or about 1 year and 11 months.

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