Mortgage to finance second home

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Reference no: EM131960404

Rose wants to buy a second home that will eventually become her retirement home and does not want a mortgage to finance this second home. She plans to spend approximately $108,903 in 14 years on this purchase. She has two zero-coupon bonds that mature in 14 years each with cash values of $1,576.40 and face values of $2,500. In 14 years, she will use them as part of her $108,903. What is Rose's required monthly deposit at the beginning of each month in order to accumulate the $108,903 she needs to buy her home at an assumed interest rate of 10.05% on her investment?

Round the answer to two decimal places.

Reference no: EM131960404

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