SOLUTION: Peter makes equal monthly deposits at the end of each month for the next four years to gather an amount of R330 284.00. He start after one month with savings accumulating interest
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Question 1196325: Peter makes equal monthly deposits at the end of each month for the next four years to gather an amount of R330 284.00. He start after one month with savings accumulating interest at 12.5% per annum, compounded monthly. The monthly deposit amount is?
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here are the results.
number of months is 4 * 12 = 48.
interest rate per month is 12%/12 = 1%
present value is 0
future value is 330284
payments are made at the end of each month.
monthly payment is 5394.8.
that's your answer.
