Question

Suppose you want to save in order to purchase a new boat. Take the APR to be 6.0%.

Answer 1

Answer:

Amount deposit each month = $365.26

Step-by-step explanation:

Given:

Amount deposit = $15,000

Rate = 6% = 6% / 12 = 0.005

Number of time = 3 x 12 = 36

Find:

Amount deposit each month

Computation:

Amount deposit each month = [(15,000) x 0.005]/[(1.005){(1.005)³⁶-1}]

Amount deposit each month = $365.26