Ingrid wants to buy a $20,000 car in 7 years. How much money must she deposit...
Ingrid wants to buy a $20,000 car in 7 years. How much money must she deposit at the end of each quarter in an account paying 5.1% compounded quarterly so that she will have enough to pay for her car?
Homework Answers
The amount of deposit can be calculated with the help of PMT function of Excel:
Inputs required:
FV = 20000
PV = 0
Nper = 7 years * 4 quarters = 28 quarters
Rate = 5.10%/4 per quarter
Type = 0 (since this is an ordinary annuity)
=PMT(5.1%/4,28,0,-20000,0)
= $598.85
Quarterly payment = 598.85
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