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