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You estimate you can save $150 per month for a down payment on a car. You hope to purchase the car in 24 months. You
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You estimate you can save $150 per month for a down payment on a car. You hope to purchase the car in 24 months. You invest this in an account that pays 6% compounded monthly.
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How much will you have in the account at the end of 24 months?
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How much more would you have at the end of 24 months if you deposited $200 per month?
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What would you need to deposit to have $8,000 available for a down payment?
You estimate you can save $150 per month for a down payment on a car. You hope to purchase the car in 24 months. You invest this in an account that pays 6% compounded monthly.
-
How much will you have in the account at the end of 24 months?
-
How much more would you have at the end of 24 months if you deposited $200 per month?
-
What would you need to deposit to have $8,000 available for a down payment?
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