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How much do need to save monthly over the next three years

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Reference no: EM132546578

Question 1: You want to buy a new car in 3 years which will cost $45,000. You plan to get a 5-year car loan at a 6% interest rate but don't want your monthly payments to be over $300. You plan to save the rest needed by making monthly deposits into the bank, earning 7.5% on your money. How much do you need to save monthly over the next 3 years to reach your goal?

Reference no: EM132546578

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