# Dean takes his boat out fishing every weekend. His current boat is still in okay condition, but he decides he'd like to buy a new one. He finds the boat of his dreams for $20,950. He does some research and finds that his credit union will give him a 5-year loan with an APR of 4.25% if he makes a down payment of 18%.(Down payment= $3771.00)

# Sam, Dean's younger brother, tries to convince Dean to save up for a new boat instead of getting a loan. He tells Dean that the credit union has a savings account option that offers an APR of 1.2% compounded monthly, so long as the account maintains a minimum balance of $2000.

@ Since Dean has the down payment amount already, if he uses that to start a savings account with the credit union, then adds $200 to the account each month, how much will he have at the end of 5 years?

@ If Dean starts the savings account with his down payment money, how much would he have to deposit each month for 5 years to end up with the $20,950 he needs for the boat of his dreams?

@ If Dean follows the savings plan from problem 7, how much total will he have deposited into the savings account at the end of the 5 years?

@ If Dean follows the savings plan from problem 7, how much interest will he have earned in the savings account over the course of the 5 years?

@ Compare the total Dean would pay on the loan to the total Dean would deposit into the savings account. How much would Dean save by going with the savings option?

@If Dean decides he wants to save up for the boat as fast as possible, how long would it take the account to reach the full value of $20,950 if he uses the down payment money to start the account then adds $400 each month? Give the answer as years with 2 decimal places!

Please, show me your all works. Thanks.