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How long will it take you to save the planned amount

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Q1-Lush Gardens Co. bought a new truck for $50,000. It paid $5,500 of this amount as a down payment and financed the balance at 4.06% compounded semi-annually. If the company makes payments of $1,600 at the end of every month, how long will it take to settle the loan? years? months?

Q2-You plan to save money for a down payment of $30,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 5.75% compounded monthly. How long will it take you to save the planned amount?

Reference no: EM133031759

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