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Determine your monthly payments

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Reference no: EM133043100

Question - You want to have $500,000 in 10 years to pay for your dream holiday home in upstate New York. You open a savings bank account for this purpose, and you want to reach the above sum by making equal monthly deposits. You will make the first deposit today and the last one in 10 years. You are assured to earn an effective monthly rate of 1% on money deposited in your account. Determine your monthly payments?

A. $2,142.80

B. $2,173.55

C. $2135.81

D. $7173.55

E. $7142.80

Reference no: EM133043100

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