document.write( "Question 1068959: When saving to buy a car, i placed the $2000 i had already in an account that earned 3.5% interest paid monthly. I also deposited $650 from my wages each month into the same account. What will be my final balance at the end of 2 years? \n" ); document.write( "

Algebra.Com's Answer #684232 by MathTherapy(10552) $\"\"$ $\"About$

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\n" ); document.write( "When saving to buy a car, i placed the $2000 i had already in an account that earned 3.5% interest paid monthly. I also deposited $650 from my wages each month into the same account. What will be my final balance at the end of 2 years?
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The $2,000 deposit represents the PRESENT VALUE, so the formula for the FUTURE VALUE of $1 MUST be used to calculate the FUTURE VALUE of $2,000 at the end of 2 years.
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document.write( "This will be $2,144.80.
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document.write( "The formula for the FUTURE VALUE of an ORDINARY ANNUITY MUST be used to calculate the FUTURE VALUE of 24 monthly payments of $650, at the end of 2 years.
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document.write( "This will be $16,134.62.
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document.write( "Add those 2 amounts to get:  \n" );
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