Do it on excel
Mr Wiggins wants to borrow $20,000 from Bank ABC.
Bank ABC is offering him 4% annually. Mr Watkins decides to deposit $2,000. as his initial payment and pay $250. at the beginning of each month. How long will it take to accumulate $20,000.
He then considers depositing $1,000. as his initial payment and pay $300. At the beginning of each month. Which payment schedule will reach $20,000. Faster and what is the difference in months between the 2 different payment schedules.
Round your answers to the nearest integer.