You want to purchase a new car in 3 years and expect the car to cost $30,000.

Question

You want to purchase a new car in 3 years and expect the car to cost $30,000. Your bank offers a savings 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 $30,000 in 3 years?

*show work*

Answer 1

FV = pmt(((1 + r)ⁿ ) - 1) / r

30000 = pmt(((1 + 0.055/12)³⁶ - 1) / (0.055/12)

Cam you calculate and answer?