Jennifer Already Has $15,500 Saved for a Down Payment for a House

question 43

Multiple Choice

Jennifer already has $15,500 saved for a down payment for a house and she plans to save another $400 at the end of each month for the next three years. If she earns 8.4% compounded monthly how large will her down payment be in three years?

• A) $36,123
• B) $36,237
• C) $37,680
• D) $19,924
• E) $16,312

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