Mary wants to purchase a condo at the end of five years, Financial Management

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Mary wants to purchase a condo at the end of five years

Mary wants to purchase a condo at the end of five years. In order to do so, she will need $25,000 for the down payment. How much should she place at the end of each month into a savings account earning an annual intertest rate of 4.5% compounded monthly to meet this goal? Determine the equity in this fund at the end of each year.

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Financial Management: Mary wants to purchase a condo at the end of five years

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Financial Management: Mary wants to purchase a condo at the end of five years

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