$MathMaster logo$

MathMaster

Home
general
you plan to complete a postgraduate degree within 4 years until you finish high school and you want to make a savings fund

Question

You plan to complete a postgraduate degree within 4 years until you finish high school, and you want to make a savings fund of ¢4,000,000.00 to cover the value of this, a financial institution offers you an interest rate of J (12) = 12% , it is requested: Calculate the amount you will have to deposit monthly to achieve the goal

167

likes

833 views

Answer to a math question You plan to complete a postgraduate degree within 4 years until you finish high school, and you want to make a savings fund of ¢4,000,000.00 to cover the value of this, a financial institution offers you an interest rate of J (12) = 12% , it is requested: Calculate the amount you will have to deposit monthly to achieve the goal

$Expert avatar$

4.7

94 Answers

1. Determine the monthly interest rate:

i = \frac{12\%}{12} = 0.01

2. Determine the number of periods (4 years x 12 months):

n = 4 \times 12 = 48

3. Apply the formula for the future value of an ordinary annuity to find the monthly payment (\(PMT\)):

PMT = \frac{FV \cdot i}{(1 + i)^n - 1}

4. Substitute the known values into the formula:

PMT = \frac{4000000 \cdot 0.01}{(1 + 0.01)^{48} - 1}

5. Calculate the expression:

PMT \approx 71539.67

Frequently asked questions (FAQs)

Math question: What is the slope and y-intercept of the line represented by the equation y = 3x + 2?

+

What are the characteristics of an ellipse function in terms of its center, major and minor axis lengths, eccentricity, and foci?

+

What is the median of a set with 9 distinct numbers?

+

New questions in Mathematics

A book is between 400 and 450 pages. If we count them 2 at a time there is none left over, if we count them 5 at a time there is none left over and if we count them 7 at a time there are none left over, how many pages does the book have?

How many percent is one second out a 24 hour?

How many kilometers does a person travel in 45 minutes if they move at a rate of 8.3 m/s?

A juice shop prepares assorted juices, for their juices they have 5 different types of fruit. How many types of assortments can be prepared in total, if it is considered an assortment to a juice made with two or more fruits?

The actual length of an object is 1.3 m . If the blueprint uses a scale of 1 : 12 , what is the length of the line on the drawing?

Sean must chose a 6- digit PIN number for his online banking account.Each digit can be chosen from 0 to 9. How many different possible PIN numbers can sean chose.

The sum of two numbers is equal to 58 and the largest exceeds by at least 12. Find the two numbers

If f(x,y)=6xy^2+3y^3 find (∫3,-2) f(x,y)dx.

78 percent to a decimal

The thermal representation f(x) = 20 times 0.8 to the power of x is known from an exponential function f. Specify the intersection point with the y-axis

effectiveness of fiscal and monetary policy under closed and open economies

The mass of 120 molecules of X2C4 is 9127.2 amu. Identify the unknown atom, X, by finding the atomic mass. The atomic mass of C is 12.01 amu/atom

The area bounded by the curve y=ln(x) and the lines x=1 and x=4 above the x−axis is

X^3 - x^2 - 4 = 0, what are the values of x?

Write the inequality in the form of a<x<b. |x| < c^2

there are 500,000 bacteria at the end of a pin point. 1000 bacteria can make a person sick. then bacteria at the tip of a pin point can make 500 people sick. Also, many people do not know that bacteria can (reproduce). Let's say there are 5 bacteria and we leave it for 15 minutes. bacteria will multiply to 10. if left for up to 30 minutes, 20 bacteria will form. if left up to 45 minutes. bacteria will multiply up to 40. every 15 minutes the bacteria will double 2. if you start with five bacteria that reproduce every 15 minutes, how manu bacteria would you have after 12 hours ?

The inner radius of a spherical ball is 13 cm. How many liters of air are in it? Justify your answer!

-Please answer to the following questions: What is the price elasticity of demand? Can you explain it in your own words? What is the price elasticity of supply? Can you explain it in your own words? What is the relationship between price elasticity and position on the demand curve? For example, as you move up the demand curve to higher prices and lower quantities, what happens to the measured elasticity? How would you explain that? B-Assume that the supply of low-skilled workers is fairly elastic, but the employers’ demand for such workers is fairly inelastic. If the policy goal is to expand employment for low-skilled workers, is it better to focus on policy tools to shift the supply of unskilled labor or on tools to shift the demand for unskilled labor? What if the policy goal is to raise wages for this group? Explain your answers with supply and demand diagrams. Make sure to properly cite and reference your academic or peer-reviewed sources (minimum 2).