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You’re prepared to make monthly payments of $270, beginning at the end of this month, into...

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Finance

You’re prepared to make monthly payments of $270, beginning atthe end of this month, into an account that pays 6.8 percentinterest compounded monthly.

  

How many payments will you have made when your account balancereaches $18,000? (Do not round intermediate calculationsand round your answer to 2 decimal places, e.g.,32.16.)

Answer & Explanation Solved by verified expert
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Here the payments will be same every month so it is an annuity We will use the following future value of annuity formula to calculate the    See Answer
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