4. You want to purchase a new car in 4 years and expect the car to...

Transcribed Image Text:

4. You want to purchase a new car in 4 years and expect the car to cost $32,000. Your bank offers a plan. with a guaranteed APR of 3.5% if you make regular monthly deposits. How much should you deposit each month to end up with $32,000 in 4 years? Show all the work. 4. You want to purchase a new car in 4 years and expect the car to cost $32,000. Your bank offers a plan. with a guaranteed APR of 3.5% if you make regular monthly deposits. How much should you deposit each month to end up with $32,000 in 4 years? Show all the work.

Answer rating: 100% (QA)

Calculation of amount that should you deposit each month to ha... View the full answer