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)

## Answer this Question

## Related Questions

- Math - Jim made a down payment of 1000 dollars toward the purchase of a car. To ...
- Mathematics and investment - 1. Angelo wants to renovate his house in 3 years. ...
- savannah tech - Jessica need 74,000 in 6 years to buy a car how much she need to...
- math - Jim wants to deposit money in an account to save for a new stereo system ...
- algebra - save a 100 a month for 30 yrs at 3% interest compounded monthly how ...
- Math 208 (Linear) - a person purchased a $142,819 home 10 years ago by paying 15...
- math - Jeanette wishes to retire in 30 years at age 55 with retirement savings ...
- Financial Math - An investment of $2500 accumulates at 6% p.a compounded semi ...
- Compound math - (Future Value) Suppose you invest $8000 into an account that ...
- Math Refinancing Question - A person purchased a $205,107 home 10 years ago by ...

More Related Questions