Question: 8. I'm trying to save for a down payment on a house in 10 years. I'll guess that I can buy a pretty nice starter

8. I'm trying to save for a down payment on a house in 10 years. I'll guess that I can buy a pretty nice starter house for 600,000$ at that time, and that means I'll probably need a 60,0005 down payment. If I get 7% interest, how much do I need to save each month to save that amount? (To solve this, you need to use "additional contributions" or "savings goal" type calculators) T=10 years, Int =7%, and Goal Amount is 60,000$ Answer 350$/ month I'm estimating my car will last me 10 more years, and at that time I'll need to buy a really good used car for about 25,000$. If I save 100$/mon th for my future car purchase, and I get 5% investment return, how close will I get to my goal? A=100$T=10 years Int=5\% Answer 15,600$ (I'm short, so I either need to buy a less expensive car, or save more each month.)

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