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The Weidmans want to save $25,000 in 3 years for a down payment on a house. If they make monthly deposits in an account paying 12%, compounded monthly, what is the size of the payments that are required to meet their goal? (Round your answer to the nearest cent.)

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Answer:

$580.36

Explanation:

We use the PMT formula in this question. The attachment is shown below.

Data provided in the question

Present value = $0

Future value = $25,000

Rate of interest = 12% ÷ 12 months = 1%

NPER = 3 × 12 month = 36 months

The formula is shown below:

= PMT(Rate;NPER;PV;-FV;type)

The future value come in negative

So, after solving this, the size of the payment is $580.36

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