Question 1203059
20 years * 12 months per year = 240 months.
7% interest rate per year / 12 = .5833333333% per month.
present value = 0.
future value = 400,000
payments are made at the end of each year.
use the financial calculator at <a href = "https://arachnoid.com/finance/" target = "_blank">https://arachnoid.com/finance/</>
here are the results.


<img src = "http://theo.x10hosting.com/2023/071701.jpg">


you will need to deposit 767.86 into the account at the end of each month for 240 months.


your total payments are 240 * 3,101.20 = 744,288.
your