5 Steve Lowe must pay his property taxes in two equal installments on December 1 and April 1. The…


5 Steve Lowe must pay his possessions taxes in two equal installments on December 1 and April 1. The two payments are for taxes for the fiscal year that originates on July I and ends the forthcoming June 30. Steve purchased a residence on September 1. He estimates the annual possessions taxes get be $850 per year. Assuming the annual possessions taxes endure at $850 per year for the next several years, Steve plans to public a savings statement and to bring-about uniform monthly warrantys the primary of each month. The statement is to be used to pay the taxes when they are due. To originate the statement, Steve warrantys a mass sum equivalent to the monthly payments that get not own been made for the primary year's taxes. The savings statement pays 9% cause, compounded monthly and payable quarterly (March 31, June 30, September 30, and December 31). How much money should Steve put into the statement when he publics it on September 1? What uniform monthly warranty should he bring-about from that era on? (A circumspect exact solution is expected.)