7. Total Cost for Savings Piggy bank with cash Dean is planning to purchase a new Nissan Altima which costs $26,865. He has saved up $3,200 to put toward it. He is thinking about getting a loan for it from his credit union, but he could also keep driving his beat-up old car for a while longer and save up cash for the new one. Dean would like to get the car soon, but he wants to at least look into the option of saving up and paying cash for the car so he doesn't have to pay so much for interest. Possibility Two: Saving Up Assume Dean puts his $3,200 in his savings account, which has an APR of 1.2%. You've already determined how much he needs to add to the account every month in order to have all $26,865 saved up to pay cash for the car in five years. If Dean decides to do this, how much of his own money will he have put into the savings account to pay for his car? Don't forget the initial deposit as well as the monthly payments.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “7. Total Cost for Savings Piggy bank with cash Dean is planning to purchase a new Nissan Altima which costs $26,865. He has saved up $3,200 ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The common stock of Auto Deliveries sells for $26.46 a share. The stock is expected to pay $2.00 per share next month when the annual dividend is distributed. Auto Deliveries has established a pattern of increasing its dividends by 5.
Answers (1)
The personnel director at a large company studied the eating habits of the company's employees. the director watched and recorded whether each employee brought his/her own lunch to work, ate at the company cafeteria, or went out to lunch.
Answers (1)
If opportunity cost were to suddenly increase, total cost would a) decrease and net benefit would increase. b) decrease and net benefit would decrease. c) increase and net benefit would increase. d) increase and net benefit would decrease.
Answers (1)
The Assembly Department started the month with 24,000 units in its beginning work in process inventory. An additional 309,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department.
Answers (1)
Patricia, a standard cardholder, uses her card for the first time and makes a $500 cash withdrawal. How much of her total credit limit remains?
Answers (1)
New Questions in Business
If you were a police officer, at night during your shift, you confront a suspicious man walking in an elite neighborhood. You stop to question the man, but he refuses even to give you his name.
Answers (1)
The account "Warranty Liability": is adjusted at the end of the year. is credited each time a warranty repair is made. has a year-end credit balance equal to the cost of warranty repairs made during the year. is closed at the end of the year.
Answers (1)
What percentage of U. S. households have no access to banking services? A) 8 percent B) 10 percent C) 15 percent D) 50 percent
Answers (1)
Gina Davidson has received $50,000 in a divorce settlement and is trying to decide how to invest it. She has looked at stocks but knows that some stocks have lost a lot of value for their owners recently.
Answers (2)
Milo, a highly successful attorney, just received a $200 ticket for speeding. jim, an unemployed father of six, received a $50 fine for parking in a restricted area.
Answers (1)