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What are the monthly payments

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A mother decides to set up a college trust fund for her new born child by making monthly payments into the trust fund over a 18 years. The trust fund gurantees a fixed annual interest rate of 6% compounded monthly, which equates to a periodic interest rate. In this case at the end of 18 years the total in the trust fund $38,929 Mom's problem is that $100 monthly payment leaving her far short of her goal of a $50,000 trust fund at the end of 18 years. What are the monthly payments she should make to the trust fund to reach her $50,000 Target in 18 years.

Reference no: EM132611563

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