How long will it take you to save for the down payment


Question: You have decided to buy your dream car that costs $40,000. You can afford $600 monthly payments at the loan rate of 9% over the 5 years of the loan.

If your savings earn 4% interest annually, how long will it take you to save for the down payment you will need to purchase the car, using your available $600 a month?

Solution Preview :

Prepared by a verified Expert
Finance Basics: How long will it take you to save for the down payment
Reference No:- TGS02082241

Now Priced at $20 (50% Discount)

Recommended (99%)

Rated (4.3/5)