You're prepared to make monthly payments of $380, beginning at the end of this month, into...

You're prepared to make monthly payments of $380, beginning at the end of this month, into an account that pays 8 percent interest compounded monthly.

How many payments will you have made when your account balance reaches $22,992?

Multiple Choice

56.1
45.9
51
22.93
4.4

Expert Solution

correct answer is 51 months

in the above formula 1 indicates payment at the begining of the month

jeff jeffy answered 1 year ago

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You're prepared to make monthly payments of $380, beginning at the end of this month, into...

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