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Find the total amount needed in five years

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Question - In 5 years, Jamal will need a delivery van for his office-supply store, that will require a down payment of $15,000 with payments of $1,100 per month for 48 months.

(a) Find the total amount needed in 5 years assuming 9% compounded monthly,

(b) Will he have enough money available if he invests $900 at the end of each month for the next 5 years at 9% compounded monthly?

Reference no: EM133172725

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