# In order to accumulate enough money for a down payment on a house, a couple deposits $758 per month into an account paying 6% compounded monthly. If payments are made at the end of each period, how much money will be in the account in 7 years?

##### 1 Answer

Mar 17, 2017

About $79,000, but I wonder if this question is in the right category.

#### Explanation:

r=0.06 (r is the interest rate as decimal)

R=$758 (R stands for the monthly payment)

n=12 because 12 payments per year

t = 7 for 7 years