Lecture Notes on Time Value of Money

7. You are saving up for a down payment on a house. You will deposit $600 a month for the next 24 months in a money market fund. How much will you have for your down payment in 24 months if the fund earns 10% APR compounded monthly? a. $14,480. b. $15,870. c. $12,930. d. $10,560. e. $ 9,890. 8. Your mortgage payment is $600 per month. There is ... ................
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