Rajesh invested $30,000 into an account that has a monthly rate of return of 0.79%.He has made arrangements to withdraw $250 automatically every month to pay off his 10-year student loan.Will Rajesh have enough money in the account to cover all of the required loan payments? If so,how long can he continue to withdraw $250 each month to put toward a car payment? (Round to the nearest year. )

Question

Quizplus · Accepted Answer

The Answer of Rajesh invested $30,000 into an account that has a monthly rate of return of 0.79%.He has made arrangements to withdraw $250 automatically every month to pay off his 10-year student loan.Will Rajesh have enough money in the account to cover all of the required loan payments? If so,how long can he continue to withdraw $250 each month to put toward a car payment? (Round to the nearest year. )

Rajesh Invested $30,000 into an Account That Has a Monthly