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(1 point) John decides that he needs to save $12,000.00 in 5 years to put towards a new vehicle. (a) How much should he invest
(1 point) John decides that he needs to save $12,000.00 in 5 years to put towards a new vehicle. (a) How much should he invest every month into an ordinary annuity earning 2.43% compounded monthly? Note: your answer should include a dollar sign and be rounded to two decimal places. Use this value in computing subsequent answers. (b) After 3 years of making payments, what is John's remaining balance? (c) Fill out the following lines of his balance sheet: Period Payment Interest Balance 37 38 39 40 Note: Your answers are dollar amounts and should include a dollar sign Note: You can earn partial credit on this
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