How much will he need to save each month, Financial Accounting

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How much will he need to save each month

Problem

Andre wants to buy a new car in a few years. He sets a goal to have $27,095 in his savings account in order to buy a new car. Andre plans to save money for 5 years by making monthly deposits to a savings account that has an APR of 2.5% compounded monthly. Round answers to two decimal places.

• In order for André to reach his savings goal, how much will he need to save each month?

• Overall, André contributed how much of his own money to the savings account?

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Financial Accounting: How much will he need to save each month

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Financial Accounting: How much will he need to save each month

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