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Find the monthly payment required to obtain a future value given the information: $4,800 at an APR of 4.5% compounding monthly for 5 years and 6 months. The monthly payment is what?

Respuesta :

Okay for monthly, i = .00375.  And the number of months, n=66.
So we have x * s angle 66 = 4800
Which becomes x * (1.00375^66 - 1)/.00375 = 4800
So, x is 64.23, which is the payment per month which will accumulate to 4800 after 66 months, assuming compounding interest and payment at the end of each month.

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