you decided to start saving up to buy your first home. You find an account that pays 5% interest compounded monthly. If you plan on purchasing your home in ten years, how much must you put into account to have 50,000 for a down payment?

Question

anonymous · Answer

Setting this up;

$50,000 = P (1+(.05/12))^12*t

play around with P and t now

mendicant_bias · Answer

@pumpkinseed , do you still need help on this?

anonymous · Answer

@Mendicant_Bias yes i still need help :( dont formula gave rrueda1 helped but i still dont know the p and t. Is t 10 for 10 years?