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In 6 years Harry and Sally would like to have $28,000.00 for a down payment on...

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Advance Math

In 6 years Harry and Sally would like to have $28,000.00 for adown payment on a house. How much should they deposit each monthinto an account paying 5% compounded monthly?

Answer & Explanation Solved by verified expert
4.2 Ratings (642 Votes)
Derivation of formula Suppose they shoulddeposit each month With onemonths interest on the first months the    See Answer
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