Mary's job position is being transferred to Lexington, Kentucky from Orlando, Florida. She and her husband George are currently renting their home in Orlando, but they have decided that they want to purchase a home in Lexington. Mary's annual salary is $48,500. George has also been able to find employment in Lexington at a factory making $39,000 per year. Mary is a planner and has saved $6200 that she can use towards the down payment on the new house. Use the above information to answer the following questions. Round all answers to 2 decimal places. To save the down payment, Mary deposited monthly in a savings account earning 2.5% compounded monthly. If it took Mary 5 years to save up the down payment, how much money was Mary depositing each month?
Mary's job position is being transferred to Lexington, Kentucky from Orlando, Florida. She and
her husband George are currently renting their home in Orlando, but they have decided that they want to purchase a home in Lexington. Mary's annual salary is $48,500. George has also been able to find employment in Lexington at a factory making $39,000 per year. Mary is a planner and has saved $6200 that she can use towards the down payment on the new house.
Use the above information to answer the following questions. Round all answers to 2 decimal places.
To save the down payment, Mary deposited monthly in a savings account earning
2.5% compounded monthly. If it took Mary 5 years to save up the down payment, how much money was Mary depositing each month?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 4 images
