Solved: How long will it take you to save for the down payment, Finance Basics

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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?

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

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