You plan to withdraw $560 a month for the next 30 years from an account that yields 0.4% every month. How much do you need to have in that account so that you can start withdrawing next month and so that at the end of the 30 years you will completely exhaust the funds?
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You plan on depositing $215 every month for the next 20 years in an account that pays a 0.8% interest every month. How much money will you have after the planned 20 years? Assume the account starts with a balance of $0.
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You want to finance a $29,300 over 5 years. The loan requires equal payments to be made at the end of each month and it charges a monthly interest rate of 1.2%. How much is each payment?
Your Answer:
You just deposited $10,500 in an account. You plan on depositing $400 at the end of every month for the next 9 years. How much will you have if the account pays a monthly interest rate of 0.5%?
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