Want to know the answer using simple interest

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
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Want to know the answer using simple interest

Ron needs to save $60,000 for a down payment on his new house. He needs this money in 5 years. Ron is planning on taking the $10.000 he already
has and adding month-end payments to his investment, If his investment will earn 6,5% compounded quarterly, how much will his month-end
payments need to be? Round to two places after the decimal Enter negative sign-in boxes as required
P/Y
c/Y
PV
PMT
FV
Ron will need to make month-end payments of $
Transcribed Image Text:Ron needs to save $60,000 for a down payment on his new house. He needs this money in 5 years. Ron is planning on taking the $10.000 he already has and adding month-end payments to his investment, If his investment will earn 6,5% compounded quarterly, how much will his month-end payments need to be? Round to two places after the decimal Enter negative sign-in boxes as required P/Y c/Y PV PMT FV Ron will need to make month-end payments of $
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