How the nominal interest rate compounded monthly

Reference no: EM13208740

You are planning to purchase your first home five years from today. the required down payment qill be $50,000. you currently have $20,000, but you plan to contribute $500 each quarter to a special savings account until you purchase the home. to achieve your goal, what nominal interest rate, compounded monthly, must you earn on your account?

Reference no: EM13208740

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How the nominal interest rate compounded monthly : You are planning to purchase your first home five years from today. the required down payment qill be $50,000. you currently have $20,000, but you plan to contribute $500 each quarter to a special savings account until you purchase the home.

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