Question

¿Cuánto debe depositarse mensualmente en una cuenta que genera un 6% de interés compuesto para acumular el 20% que necesita como pronto (downpayment) de un carro que va a adquirir dentro de 2 años y cuyo precio de ventas es de $25,000?

$196.60

$983.02

$257.50

$127.89

Falta información, no se puede determinar.

Answer 1

I am solving this question in English.

Down payment amount required after 2 years = $25000 *20/100 = 5000

The interest rate is compounded monthly.

Monthly Interest rate = 6/12 = 0.5%

Total deposits required =2 * 12 = 24

Future value of all these deposits should equal 5000

Future Value = Monthly deposit / (1+monthly rate)^(24 - 1) +Monthly deposit / (1+monthly rate)^(24 - 2)...... .....+ Monthly deposit / (1+monthly rate)^(24 - 24)

5000 = Monthly Deposit * {1/(1+0.005)^(24-1) +1/(1+0.005)^(24-2) + 1/(1+0.005)^(24-3) + ................. + 1/(1+0.005)^(24-24) }

On solving the above equation,

Monthly Deposit = $196.60 Answer

The first option is correct

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