Damon is saving up money for a down payment on a house. He currently has $4412, but knows he can get a loan at a lower interest rate if he can put down $5266. If he invests the $4412 in an account that earns 4.5% annually, compounded monthly, how long will it take Damon to accumulate the $5266

47 YEARS

Explanation:

number of years = log ( FV / PV) ÷ log (1 + r)

fv = future value

pv = present value

r = interest rate = 4.5 / 12

log ($5266 / $4412)  ÷

log (1.194) / log(1.00375)

0.077 / 0.00164 = 47

if you use only 25 for your entertainment and only 200 for the groceries that you really need and take out the 50 per month for the computer then that should be enough

u = 30

continuing your method

= +

subtract from both sides

= - thus

= -

= ⇒ u = 30