Question: Norksheet #3) How much should you deposit each month for six years in order to have $31500 for the purchase of a used car, if

$Norksheet \#3) How much should you deposit each month for six$

Norksheet \#3) How much should you deposit each month for six years in order to have $31500 for the purchase of a used car, if your account earns 5.8\% APR, compound monthly? \$ How much of your balance is interest? \$ Norksheet \#4) If you decide to buy a used car now for $31500 and can get a loan at 5.8\% APR for six years, what is your monthly payment? \$ How much interest will you pay over the life of the loan? \$ How much money would you save, in total, by saving up for such a car over six years instead of borrowing money for it for the same amount of time? $

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