Question: I now have $ 2 1 , 0 0 0 in the bank earning interest of 0 . 7 5 % per month. I need

I now have $21,000 in the bank earning interest of 0.75% per month. I need $31,000 to make a down payment on a house. I can save an additional $100 per month. How long will it take me to accumulate the $31,000?
Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Use a financial calculator or Excel.
Time required months
I now have $21,000 in the bank earning interest of 0.75%

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

Kubotathe Japanese manufacturer of tractors and small earthmoving equipmentis considering building an assembly plant in Da Nang (Vietnam). The initial investment would amount to dong (VND) 200...

Q:

1) Calculate the effective annual rate for each. 6percent compounded annually. ___% 6percent compounded semiannually. ____% 6percent compounded quarterly.____% 6percent compounded monthly._____% 2)...

Q:

7. Using interest rate swaps to reduce interest rate risk Suppose that Foundation bank seeks to reduce its interest rate risk in regards to its holdings of fixed-rate (12%) mortgages via the use of...

Q:

Collegiate Publishing Inc. began printing operations on March 1 . Jobs 3 0 1 and 3 0 2 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs...

Q:

A 8% semiannual coupon bond with a par value of $1,000 currently has 10 years till its maturnity. The bond is now selling for $1,100. a. What is the bond's yield to maturity? b. What is the bond's...

Q:

A company has the present layout as shown below where the alphabets numbers have usual meaning 4 6 4 4 B D 6 4 The frequency of the interdepartmental flow of materials is in following matrix: A B 5 -...

Q:

i need the answer quickly 12600 1300 22600 $ 47000 5 . . on Dec 1.267. Devine Distributing company hed the following account Balances Dobe, Credit kash $7360 Accumletej Deprecenon $ 3300 Accounts...

Q:

Argonaut has to account for the acquisition of 100% of the shares of Moe's Lawn Care Limited (MLC) in Argonaut's June 30, 20X9, financial statements, even though MLC's numbers might be subject to...

Q:

Old MathJax webview Andrea Cuff decided toward the end of high school that she wanted to be an IT Security specialist. Her family were first generation immigrants to Canada and strongly supported her...

Q:

Andrea Cuff decided toward the end of high school that she wanted to be an IT Security specialist. Her family were first generation immigrants to Canada and they had not been able to save toward her...

Q:

Andrea Cuff decided toward the end of high school that she wanted to be an IT Security specialist. Her family were first generation immigrants to Canada and they had not been able to save toward her...

Q:

Are these specific fraud detection procedures designed to detect fraudulent financial reporting or misappropriation of assets? Explain.

Q:

Dallas Pierces most recent credit card statement follows. His finance charge is 15% APR. Calculate Dallass average daily balance, finance charge, and new balance. (Round your final answers to the...

Q:

\ table [ [ Conh , $ 3 0 , 3 0 0 , 5 3 5 , 4 0 0 ] , [ Accounts recelvable ( net ) , 5 4 , 9 0 0 , 4 5 . 4 0 0 ] , [ Inventory , 6 4 . 6 0 0 , 4 5 , 1 0 0 ] , [ Prepoid eqpenses, 1 5 0 0 0 , 2 4 , 8...

Q:

9. (15 points) A company is considering a new project that requires an investment of \$5 million. The project is expected to generate cash flows of $2 million in year 1,$3 million in year 2, and $4...

Q:

Describe the five specific guidelines for appropriate use of the indirect plan.

Q:

Prepare effective negative messages for a variety of purposes using the indirect plan.

Q:

Describe the nature of negative messages.