- FV = the of a savings account or loan. Answer: Future Value Incorrect 3. Jacob can only afford a payment of $500 per month for the new boat he plans to purchase for himself. He qualifies for a 5 year loan with 1.75% APR. What is the maximum purchase price he can afford? APR= n = 1.75% 12 APR = |n = Y = 5 or |Y = PMT = $500.00 P = P = $0.00 |PMT = FV = $31,327.78 Answer: $31,327.78 Incorrect 4. Judy wants to start saving money for a down payment on a house with the $2,500 tax refund she just received. Her goal is to have $20,000 after 2 years of saving. If her savings account has an APR of 1.9% compounded monthly, how much does she need to add to the account each month to accomplish her goal? APR= n = APR = n = Y = or Y = PMT = P = P = FV = PMT= Answer: