what formula do i use for this problem

Question

In order to accumulate enough money for a down payment on a house, a couple deposits $ 731 per month into an account paying 3 % compounded monthly. If payments are made at the end of each period, how much money will be in the account in 3 years? 

Answer 1

Hi Diondre,

 

You'll be using this formula:

https://www.thecalculatorsite.com/images/compound-interest-formula-diagram.png

 

Cheers,

Luke