Task 4: Save for a ride! Let's save for a down payment on a new or used car. Step 1. Find the price of the car you want. Cite your source. 2019 Ford Fusion Car: Certifical Price: 591 Source of price for the car: Ford blueadvantage.com Step 2: Calculate 25% to save for a down payment. (Price of the car)(.25) = amount of down payment Amount of down payment: 2897 75 The amount of the down payment is how much you need to save. You want to save this amount in years. Ally Bank offers a 5 year savings CD (this is a cash investment), at 3.5% APR. There is no initial deposit required. Use the Savings Plan formula to find out how much you need to save each month in the number of years you want to save to have the 25% down payment for the car you want. What formula do you need? PMT A = A = looking for MT= PR= n = Y = [(1+)] (hy) ABF) - This project was adopted and modified from a project by Leigh Barwick and Holly Zolt. Used with permission for Math 1316/1300. Revised 11/20/22. Under revision 12/4/22. 8