Question

You need to have 48,334 dollars to buy a new car 6 years from now. How...

You need to have 48,334 dollars to buy a new car 6 years from now. How much do you need to save at the end of each month if your savings account pays 4% per year, compounded quarterly?

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
You want to buy a new ski boat 2 years from now, and you plan to...
You want to buy a new ski boat 2 years from now, and you plan to save $7,000 per year, beginning one year from today. You will deposit your savings in an account that pays 6.2% interest. How much will you have just after you make the 2nd deposit, 2 years from now? $17,609 $14,434 $14,290 $15,156 $16,599
3c3. You need to accumulate $75,706 for your son's education. You have decided to place equal...
3c3. You need to accumulate $75,706 for your son's education. You have decided to place equal year-end deposits in a savings account for the next 5 years. The savings account pays 14.25 percent per year, compounded annually. How much will each annual payment be? Round the answer to two decimal places. 3b3. You plan to buy a house in 13 years. You want to save money for a down payment on the new house. You are able to place $323...
. You plan to buy a Ferrari sports car in 5 years. Your dream model costs...
. You plan to buy a Ferrari sports car in 5 years. Your dream model costs $225,000 now and you expected the price to go up 10% per year. To get your dream car, you plan to make a monthly saving starting one month from now for 60 monthly savings. How much do you need to save each month in order to buy the car in 5 years, assuming that the interest rate is 6% (find the answer that is...
You want to buy a house in 15 years that costs $300,000 now. Inflation is 3%....
You want to buy a house in 15 years that costs $300,000 now. Inflation is 3%. How much do you need to save each year to be able to buy the house (for cash, without a mortgage,) if you can earn 6% (compounded annually) on your savings? (Answer to the nearest cent.) How do I solve this in excel?
You want to buy a car which will cost you $10,000. You do not have sufficient...
You want to buy a car which will cost you $10,000. You do not have sufficient funds to purchase the car. You do not expect the price of the car to change in the foreseeable future. You can either save money or borrow money to buy the car. Plan 1: You decide to open a bank account and start saving money. You will purchase the car when you have sufficient savings. The nominal interest rate for the bank account is...
2. You want to buy a new car 3 years from now, and you plan to...
2. You want to buy a new car 3 years from now, and you plan to save $1,000 per month, beginning today. You will deposit your savings in an account that pays a 3.6% annual interest. How much will you have 3 years from now? A. $43, 201.80 B. $35,179.30 C. $38, 069.70 D. $27, 338.30 3. Dell computer has two promotions to sell its $3,000 laptop computers. One promotion is the low interest rate loan (the nominal annual interest...
You plan to buy a house in 6 years. You want to save money for a...
You plan to buy a house in 6 years. You want to save money for a down payment on the new house. You are able to place $401 every month at the end of the month into a savings account at an annual rate of 14.64 percent, compounded monthly. How much money will be in the amount after you made the last payment?
Lena plans to invest 5,100 dollars in 2 year(s) and 6,100 dollars in 1 year(s). She...
Lena plans to invest 5,100 dollars in 2 year(s) and 6,100 dollars in 1 year(s). She expects to earn 15.64 percent, compounded quarterly. How much money does Lena expect to have in 11 years? Carlton plans to save $630 every 6 months for 14 years. He plans to make his first savings contribution in 6 months and he expects to earn 9.22 percent per year. How much does he expect to have in 14 years? Davi currently has $29,000 saved...
You want to buy a car which will cost you $10,000. You do not have sufficient...
You want to buy a car which will cost you $10,000. You do not have sufficient funds to purchase the car. You do not expect the price of the car to change in the foreseeable future. You can either save money or borrow money to buy the car. Plan 1: You decide to open a bank account and start saving money. You will purchase the car when you have sufficient savings. The nominal interest rate for the bank account is...
4. You want to buy a new car in 3 years which will cost $42,000. You...
4. You want to buy a new car in 3 years which will cost $42,000. You plan to get a 5-year car loan at a 6% interest rate but don’t want your monthly payments to be over $300. You plan to save the rest needed by making monthly deposits into the bank, earning 7.5% on your money. How much do you need to save monthly over the next 3 years to reach your goal? 6. You are buying a new...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT