Answered

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Finally, suppose you decide not to finance (get a loan for) the car and to
wait two years to save up money in addition to the $4,000 you already
have saved for the car.
How much money would you have to save each month in order to
purchase this car without any financing (loan) at the end of two years?
Round your answer to the nearest cent.

Sagot :

Supposing a cost of $30,000, and using proportions, it is found that you would have to save $1,083.30 each month.

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  • We suppose a cost of $30,000.
  • You already have $4,000 saved.
  • 30 - 4 = 26, thus, you would need to save $26,000 in 2 years = 24 months.
  • How much per month?

We can solve it using proportions, by the following rule of three:

1 month - $x

24 months - $26,000

Applying cross multiplication:

[tex]24x = 26000[/tex]

[tex]x = \frac{26000}{24}[/tex]

[tex]x = 1083.3[/tex]

You would have to save $1,083.30 each month.

A similar problem is given at https://brainly.com/question/24112433

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