original plan:
i = .05/12 = .0041666...
n = 8*12 = 96
monthly payment --- p
p(1.0041666...^96 - 1)/.0041666... = 20000
...
p = 169.87
how much is there are 2 years
amount = p(1.00416666..^24 - 1)/.00416666... = 4278.21
new amount needed = 30000-4278.21 = 25721.79
new payment --- q
q(1.00416666...^72 - 1)/.0041666... = 25721.79
q = ...
you do the last set of button-pushing
practical suggestion, elope !!!
a)Nadia intends to get married in eight years’ time. She estimates that the cost of the wedding will be
RM20000 then. She intends to save this amount by making equal monthly deposits at the end of each month
in a bank that pays 5% compounded monthly
i. How much will this monthly deposit be?
ii. After paying for two years, that estimated cost of the wedding has gone up to RM30000
a) What should be the new monthly deposits?
1 answer
3 answers