You want to purchase a new car in 3 years and you anticipate the cost of the car to be $25,000. You are given an investment plan with a fixed APR of 5.3% if you make regular monthly deposits. How much should you deposit at the end of each month to reach your goal of $25,000 in 3 years?

Question

Revolt · Accepted Answer

$642.23

Topic Test

You want to purchase a new car in 3 years and you anticipate the cost of the car to be $25,000. You are given an investment plan with a fixed APR of 5.3% if you make regular monthly deposits. How much should you deposit at the end of each month to reach your goal of $25,000 in 3 years?

Explanation

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