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Michael Ross is saving up for a new car. She wants to finance no more than...

Michael Ross is saving up for a new car. She wants to finance no more than $12,000 of the $23,000 estimated price in two years. He deposits $3,500 into a savings account now and will make monthly deposits for the next two years.

If the savings account pays a nominal interest rate of 4.5% per year with monthly compounding, how much must she deposit each month?

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The solution to the problem is hand written for better understaning, so please find the snap of the solutions

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