document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1202734>Question 1202734</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A new car will cost $92,200. The dealership requires a 15% down payment. In order to save up the down payment, you set up an annuity with an annual interest rate of 4.4%. How much will you need to deposit each month in order to have the down payment in 2 years? </SPAN>\n" );
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document.write( "Answer: <font color=red>$552.32</font>\r<BR>\n" );
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document.write( "Work Shown:\r<BR>\n" );
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document.write( "15% of $92,200 = 0.15*92200 = 13,830\r<BR>\n" );
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document.write( "The down payment is $13,830\r<BR>\n" );
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document.write( "Future value of annuity formula.<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=FV+=+P%2A%28%281%2Bi%29%5En+-+1%29%2Fi ALIGN=MIDDLE  ALT=\"FV+=+P%2A%28%281%2Bi%29%5En+-+1%29%2Fi\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "where,<BR>\n" );
document.write( "FV = future value<BR>\n" );
document.write( "P = periodic payment or deposit<BR>\n" );
document.write( "i = interest rate per period (decimal form)<BR>\n" );
document.write( "n = number of periods\r<BR>\n" );
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document.write( "In this case:<BR>\n" );
document.write( "FV = 13830<BR>\n" );
document.write( "P = unknown<BR>\n" );
document.write( "i = 0.044/12 = 0.003666667 approximately<BR>\n" );
document.write( "n = 12*2 = 24 months\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=FV+=+P%2A%28%281%2Bi%29%5En+-+1%29%2Fi ALIGN=MIDDLE  ALT=\"FV+=+P%2A%28%281%2Bi%29%5En+-+1%29%2Fi\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=13830+=+P%2A%28%281%2B0.003666667%29%5E%2824%29+-+1%29%2F0.003666667 ALIGN=MIDDLE  ALT=\"13830+=+P%2A%28%281%2B0.003666667%29%5E%2824%29+-+1%29%2F0.003666667\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=13830+=+P%2A25.0397432478757 ALIGN=MIDDLE  ALT=\"13830+=+P%2A25.0397432478757\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=P+=+13830%2F25.0397432478757 ALIGN=MIDDLE  ALT=\"P+=+13830%2F25.0397432478757\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=P+=+552.321957261814 ALIGN=MIDDLE  ALT=\"P+=+552.321957261814\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=P+=+552.32 ALIGN=MIDDLE  ALT=\"P+=+552.32\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "You need to deposit <font color=red>$552.32</font> per month for 24 months (aka 2 years) to reach a goal of $13830. <BR>\n" );
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