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Help is here, a wrecker company, will soon need to purchase a new wrecker. the company anticipates needing $35,000 in 3 years. their credit union offers an account that pays 3.4% per year compounded monthly for 36 months. find the monthly payment needed to accumulate the desired

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Answer:

Explanation:

The $35,000 that will be needed in 3 years is a future value (FV).

This is an ordinary annuity, and it is asking for the recurring payment (PMT)

Using a financial calculator, input the following;

Future value; FV = 35,000

Total duration ; N = 3*12 = 36 months

Interest rate; I = 3.4%/12 = 0.2833%

One time present cashflow; PV = 0

then compute recurring payment ; CPT PMT =924.86

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