Two SJSU grads are planning to marry in September 2021. They estimate that they will need $15,000

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Question:

Two SJSU grads are planning to marry in September 2021. They estimate that they will need $15,000 for the wedding and reception, and they have saved $8,000 so far. Their savings are in an account that pays annual percentage rate of 1.0%, compounded monthly.

Refer to the Wedding Savings Scenario above.

If they save $550 monthly for 17 months starting today, and they spend $15,000 on the wedding, how much will they have left over for their honeymoon?

Refer to the Wedding Savings Scenario above.

If they save $550 monthly for 17 months starting a month from now, and they spend $15,000 on the wedding, how much will they have left over for their honeymoon?