Scott and Alex want to purchase a vacation home in years and needs
as down payment.
Rate of interest is compunded monthly.
Rate of interest per payment period is per month.
Number of deposits can be made in years are
Find the amount deposited every month.
\Amount of an Annuity after deposits is
,
where is the deposit in dollars,
is the percent interest per payment period.
.
The amount deposited every month by Scott and Alex is .
The amount deposited every month by Scott and Alex is .