Question 1062871
{{{ A = P*( 1 + r*t ) }}} ( simple interest formula )
{{{ A = 18000 }}}
{{{ t = 8 }}}
{{{ r = .042 }}}
{{{ 18000 = P*(  1 + .042*8 ) }}}
{{{ 18000 = P*1.336 }}}
{{{ P = 18000/1.336 }}}
{{{ P = 13473.05 }}}
Number of months in 8 yrs = {{{ 8*12 = 96 }}}
{{{ 13473.05/96 = 140.34 }}}
$140.34 must be deposited each month
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