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Simmy is saving for a new car. She wants to have enough money for a $10 000 down payment. She plans to deposit same amount at the end of each month into an account that pays 9%/a compounded monthly
a. Determine how much Simmy has to deposit at the end of each month to make the down payment in 3 years.
b. Simmy buys the new car she wants. After making the down payment, she still owes $18 350. Determine her bi- weekly car payment if she finances this amount at 4.8%/a compounded bi-weekly.
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