You want to purchase a new car in 4 years and expect the car to cost $58000. Your bank offers a plan with a guaranteed APR of 5.5% if you make regular monthly deposits. How much should you deposit each month to end up with $58000 in 4 years?

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12-07-2024
Mathematics

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You want to purchase a new car in 4 years and expect the car to cost $58000. Your bank offers a plan with a guaranteed APR of 5.5% if you make regular monthly deposits. How much should you deposit each month to end up with $58000 in 4 years?

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