Hi can someone help me understand how to calculate number 5? I keep getting $1969.92 but it says its wrong. Thank you in advance for your help!! Suppose you will need to buy a $16,000 car in 3 years. You could start saving now so that you can pay cash for the car. Alternatively, you can just wait until you need the car and take out a 3-year loan. If we assume that the APR is 4% with either option, how much money will you save altogether by beginning to save now for a cash purchase versus waiting and taking out the loan? To answer this question, you'll need skills from both the Savings and Borrowing lessons.

1. If your goal is to have $16,000 in the bank 3 years from now, what amount do you need to deposit each month? Recall that the APR if 4%. Round your answer the nearest cent. answer is: $419.05 2. How much of your own money will you have invested altogether when the 3 years of saving is over? answer is: $15,035.76 3. If you wait and borrow $16,000 for a 3 year period with an APR of 4%, what will your monthly payment be? Round your answer the nearest cent. answer is: $472.38 4. How much money will you have to pay altogether to pay off the loan over 3 years? answer is: $17005.68

5. How much will you save altogether if you start saving now instead of taking out the loan? ________

Suppose you will need to buy a $16,000 car in 3 years. You could start saving now so that you can pay cash for the car. Alternatively, you can just wait until you need the car and take out a 3-year loan. If we assume that the APR is 4% with either option, how much money will you save altogether by beginning to save now for a cash purchase versus waiting and taking out the loan? To answer this question, you'll need skills from both the Savings and Borrowing lessons. If your goal is to have $16,000 in the bank 3 years from now, what amount do you need to deposit each month? Recall that the APR if 4%. Round your answer the nearest cent. How much of your own money will you have invested altogether when the 3 years of saving is over? If you wait and borrow $16,000 for a 3 year period with an APR of 4%, what will your monthly payment be? Round your answer the nearest cent. $ How much money will you have to pay altogether to pay off the loan over 3 years? $ How much will you save altogether if you start saving now instead of taking out the loan? $