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Abe C.

asked • 09/25/16

You want to purchase a new car in 5 years and expect the car to cost $61,000.

You want to purchase a new car in 5 years and expect the car to cost $61,000. Your bank offers a plan with a guaranteed APR of 5.5 % if you make regular monthly deposits. How much should you deposit each month to end up with $61,000 in 55 years?

2 Answers By Expert Tutors

By:

Nick Z. answered • 09/25/16

Tutor
New to Wyzant

Old-fashioned math and programming guru

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