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3 years ago

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You want to purchase a new car in 6 years and expect the car to cost $94.000. Your bank offers a plan with a guaranteed APR of 5

5% if you make regular monthly deposits. How much should you deposit each month
to end up with $94.000 in 6 years?

1 answer:

ddd [48]3 years ago

6 0

Answer:

Monthly deposit= $1,120.81

Step-by-step explanation:

Giving the following information:

Future value= $94,000

Number of periods= 6*12= 72

i= 0.05/12= 0.0042

<u>To calculate the monthly deposit, we need to use the following formula:</u>

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (94,000*0.0042) / [(1.0042^72) - 1]

A= $1,120.81

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