Suppose you want to save in order to purchase a new boat. Take the APR to be 4.8%. You want to have $11,000 toward the purchase of a boatin three years. How much do you need to deposit each month? (Round your answer to the nearest cent.)

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Suppose you want to save in order to purchase a new boat. Take the APR to be 4.8%.
You want to have $11,000 toward the purchase of a boatin three years. How m uch do you need to
depositeach month? (Round your answer to the nearest cent.)
Transcribed Image Text:Suppose you want to save in order to purchase a new boat. Take the APR to be 4.8%. You want to have $11,000 toward the purchase of a boatin three years. How m uch do you need to depositeach month? (Round your answer to the nearest cent.)
Expert Solution
Step 1

Given that APR=7.2%

Amount=$11000

Number of years=3

Amount to be deposited each month=?

 

 

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