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Your grandparents put $10,700 into an account so that you would have spending money in college. You put the money into an account that will earn an APR of 4.29 percent compounded monthly. If you expect that you will be in college for 5 years, how much can you withdraw each month?

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Answer:

Answer is $198.46  

Explanation:

Money in account 10700

Qouted intrest rate 0.0429

Monthly intrest rate 0.003575

Period of college years 5

Period of college Months 60

 

Answer is $198.46