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Mary would like to save $10 000 at the end of 5 years for a future down payment on a car.How much should she deposit at the end of each week in a...
a.How much should she deposit at the end of each week in a savings account that pays 1.2%/a, compounded monthly, to meet her goal?
b.If you currently have a part-time job, consider your hourly wage. If you do not have a job, use the minimum hourly wage in your jurisdiction. How many hours each week would you have to work, just to make those payments? create brief reflection on the advantages and disadvantages to long-term saving for a purchase, compared to borrowing a large sum of money and paying it off over time. Note that interest rates for savings accounts are always lower than interest rates for borrowing!