Mike Smith just turned 16 years old. He wishes to buy a used car in two years, and he is willing to spend $8,000. He plans to work part-time and put all his monthly earnings into a bank account that will pay 0.25% interest per month. How much must he save per month in order to be able to purchase the car in two years?

a). $754.72.

b). $416.67.

c). $405.33.

d). $333.33.

e). $323.85.

Answer rating: 100% (QA)

interest rate 025 monthly Period 2 ... View the full answer