In order to save money for a new home, you plan to deposit $1,487 monthly to...

 

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In order to save money for a new home, you plan to deposit $1,487 monthly to a bank account paying 6% interest per year, compounded monthly. The first deposit will be made one month from today. How much money can be withdrawn from this bank account immediately after 2 years (24th deposit)? (Continue on previous question) If you needs to have $113,112 three year later to make the down payment of a new home, how much do you have to deposit each month? In order to save money for a new home, you plan to deposit $1,487 monthly to a bank account paying 6% interest per year, compounded monthly. The first deposit will be made one month from today. How much money can be withdrawn from this bank account immediately after 2 years (24th deposit)? (Continue on previous question) If you needs to have $113,112 three year later to make the down payment of a new home, how much do you have to deposit each month?

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