6. Gracie deposited $20,000 into an account that compounds interest weekly at a rate of 1.56%.Each week her bank withdraws $200 from the account and puts the amount into hermortgage account. How long will it take until the account has a balance of $0?

A mortgage weekly loan payment is a recurring payment made by a borrower to repay a mortgage loan.…

Answered: Gracie deposited $20,000 into an…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Gracie deposited $20,000 into an account that compounds interest weekly at a rate of 1.56%. Each week her bank withdraws $200 from the account and puts the amount into her mortgage account. How long will it take until the account has a balance of $0?