Question
In: Math
Mary would like to save $10 000 at the end of 5 years for a future down payment on a car. (5 marks) an image of BMW's most recent concept car the GINA EN.WIKIPEDIA.ORG How much should she deposit at the end of each month in a savings account that pays 1.
Mary would like to save $10 000 at the end of 5 years for a future down payment on a car.
an image of BMW's most recent concept car the GINA
a. How much should she deposit at the end of each month in a savings account that pays 1.2%/a, compounded monthly, to meet her goal?
b. If you currently have a part-time job, consider your hourly wage. If you do not have a job, use the minimum hourly wage in your jurisdiction. How many hours each month would you have to work, just to make those payments? Write a brief reflection on the advantages and disadvantages to long-term saving for a purchase, compared to borrowing a large sum of money and paying it off over time. Note that interest rates for savings accounts are always lower than interest rates for borrowing!
Solutions
milcah answered 2 years agoRelated Solutions
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