SOLUTION: Assume that you want to have $ 1900 saved in a sinking fund in 1 year. The account pays 3.5% compounded monthly. What should be your monthly payments? Monthly Payment =

Algebra ->  Finance -> SOLUTION: Assume that you want to have $ 1900 saved in a sinking fund in 1 year. The account pays 3.5% compounded monthly. What should be your monthly payments? Monthly Payment =      Log On


   

Question 1198884: Assume that you want to have $ 1900 saved in a sinking fund in 1 year. The account pays 3.5% compounded monthly. What should be your monthly payments?
Monthly Payment =
Answer by ikleyn(52781) About Me  (Show Source):
You can put this solution on YOUR website!
.

There is a lesson at this forum,  free of charge,  where similar problems are solved
and the solution method is described in all details.  So,  these solutions are your  TEMPLATES.

This lesson is
    - Solved problems on Ordinary Annuity saving plans,
the problems are 4 an 5 of this lesson.

Substitute your numbers into the formulas and make necessary calculations using your calculator.

If you want to learn relevant theory,  it is given in the lesson
    - Ordinary Annuity saving plans and geometric progressions