You want to purchase a new car in 3 years and you anticipate the cost of the car to be $25,000. You are given an investment plan with a fixed APR of 5.3% if you make regular monthly deposits. How much should you deposit at the end of each month to reach your goal of $25,000 in 3 years?

a.

$642.23

c.

$648.62

b.

$645.65

d.

$649.13

Question

You want to purchase a new car in 3 years and you anticipate the cost of the car to be $25,000. You are given an investment plan with a fixed APR of 5.3% if you make regular monthly deposits.  How much should you deposit at the end of each month to reach your goal of $25,000 in 3 years?



a. 

$642.23 

c. 

$648.62 


b. 

$645.65 

d. 

$649.13

anonymous · Answer

is this like an interest problem?? A=P(1+r/n)^nt

anonymous · Answer

@cassi1996