want to buy a Tesla Model S. in 10 years. The only problem is that it will cost $90,000! how much would I have to deposit each month into a savings plan offering 5.6% APR in order to have enough saved to buy the car in 10 years? What percent of the total amount saved will come from interest if I go with the monthly savings plan?

want to buy a Tesla Model S. in 10 years. The only problem is that it will cost $90,000! how much would I have to deposit each month into a savings plan offering 5.6% APR in order to have enough saved to buy the car in 10 years? What percent of the total amount saved will come from interest if I go with the monthly savings plan?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 35P

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I want to buy a Tesla Model S. in 10 years. The only problem is that it will cost $90,000!

how much would I have to deposit each month into a savings plan offering 5.6% APR in order to have enough saved to buy the car in 10 years?

What percent of the total amount saved will come from interest if I go with the monthly savings plan?

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