How much do you need to save each month earning 5 interest, Financial Management

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How much do you need to save each month earning 5 interest

(1) How much do you need to save each month, earning 5% interest, in order to have a Future Value (FV) of $40,000?

(2) Suppose you don't wait and purchase the $40,000 car today. If you financed the entire $40,000, how much are the monthly payments if you pay 5% interest and pay off the $40,000 loan in 3 years?

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Financial Management: How much do you need to save each month earning 5 interest

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