J Marie wants to remodel her kitchen and avoid debt as much as possible.

Thus, she wants to minimize her loan.

She currently doesn't have any savings but thinks she can save $300 per month for 4 years beginning immediately.

Her savings account yields 2% per annum.

She estimates the current cost to remodel her kitchen is $15,000.

Her husband is an actuary and he estimates that the inflation rate for the kitchen remodeling will be 1% per annum.

What is the amount of her loan that she would need to assume at the end of 4 years after making 48 deposits?

J Marie wants to remodel her kitchen and avoid debt as much as possible. Thus, she wants to minimize her loan. She currently doesn't have any savings but thinks she can save $300 per month for 4 years beginning immediately. Her savings account yields 2% per annum. She estimates the current cost to remodel her kitchen is $15,000. Her husband is an actuary and he estimates that the inflation rate for the kitchen remodeling will be 1% per annum. What is the amount of her loan that she would need to assume at the end of 4 years after making 48 deposits? A 605 B 630 547 D 589 E 611