Hw much less would we have to deposit if we could earn 7 , Finance Basics

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Hw much less would we have to deposit if we could earn 7

Question: We are saving for a down payment on a house.

(a) how much do we need to deposit if we want to have enough for 15% down payment (rounded to the nearest dollar) on a $585,900 house 5 years from now if we can earn 0.085% on the deposit compounded monthly?

(b) How much interest, rounded to the nearest dollar, will we earn on our deposit?

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Finance Basics: Hw much less would we have to deposit if we could earn 7

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