You want to have $ 150,000 in 18 years. how much do you have to deposit each month into an account that pays 3.5% apr?

Total deposit in each month is $ 932.84

Step-by-step explanation:

Step 1:  Monthly interest rate.

Monthly Rate = (1+annual rate)112−1

we have  Annual rate = 3.5%

Monthly Rate = (1+0.035)112−1 = 0.0028709

Step 2:  monthly payment

Monthly payment can be determined by using below formula:

A=P×i×1−(1+i)−n

A = monthly payment amount

P = total pay amount

i = monthly interest rate

n = total number of payments

In this example we have

P=$150000 ,

i=0.0028709  and

n=12×18=216

Monthly payment = P×i×1−(1+i)−n

= 150000×0.00287091−(1+0.0028709)−216 = 430.6351−(1.0028709)−216

Monthly payment  =$ 932.84

step-by-step explanation:

10.50 + taxes which added up to 11.50