How much money do I need in a bank account to cover my mortgage taking into account the interest earned?
chris_newgent asked:
Assume that my mortgage is $ 600/month, and I have a bank account paying 5%. How much do I need it in the bank to cover 1 year of mortgage payments that take into account the interest that is earned during the year.
Roberta
Assume that my mortgage is $ 600/month, and I have a bank account paying 5%. How much do I need it in the bank to cover 1 year of mortgage payments that take into account the interest that is earned during the year.
Roberta
June 4th, 2009 at 8:53 am
The rate at which you would need 144000 dollars in the interest if it is yearly you would need.