You're prepared to make monthly payments of $320, beginning atthe end of this month, into...

You're prepared to make monthly payments of $320, beginning at the end of this month, into an account that pays 9 percent interest compounded monthly. How many payments will you have made when your account balance reaches $20,260?

Expert Solution

PMT = -320

I/Y = 9/12 = 0.75

PV = 0

FV = 20260

CPT N

N = 52

We would have made 52 payments

jeff jeffy answered 2 years ago

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You're prepared to make monthly payments of $320, beginning atthe end of this month, into...

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