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December 20, 2014

Homework Help: Interest

Posted by F0reveryoung on Monday, April 9, 2012 at 11:00pm.

In 6 years, Jim wants to have $47,230 to buy a new car.
(a) How much must Jim save each month if the interest rate is 6% compounded monthly?
$ ______

(b) How much of the $47,230 does Jim actually deposit and how much of it is interest?
$______(deposit)
$______(interest)

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