Find the monthly payment, needed to have a sinking fund accumulate the future value, $16,000. The yearly interest rate is 6.7% and the number of payments is 20.
Interest is compounded monthly. Round your answer to the nearest cent.
I do not understand how to find the monthly payment. Please help me.
Thank you.
1 answer
do you not have a formula for the payments? Just plug your numbers into the formula.
1 answer