Find the monthly payment R needed to have a sinking fund accumulate the future value A. The yearly interest rate r and the time

Question

Find the monthly payment R needed to have a sinking fund accumulate the future value A. The yearly interest rate r and the time t in years are given below. Interest is compounded monthly.

A=$7,000; r=7%; t = 1
R=$
(Round up to the nearest cent.)

Kunduz · Accepted Answer

Click to see the answer