How much do you need to save monthly to reach, Financial Accounting

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How much do you need to save monthly to reach

Problem

You plan to purchase a second-hand car for $8,000 for your use. You can earn a monthly wage of $1,800 from a part-time job. How much do you need to save monthly to reach $8,000 after 12 months, given the interest rate is 7.2% p.a. compounding monthly? Can you afford these monthly savings with your current wage? Interpret the result.

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