Jennifer Creek Is Saving Up For A New Car She Wants To Finance No More Than 10 0
1. Jennifer Creek is saving up for a new car. She wants to finance no more than $10,000 of the $26,000 estimated price in two years. She deposits $5000 into a savings account now and will make monthly deposits for the next two years. If the savings account pays a nominal interest rate of 3% per year with monthly compounding, how much must she deposit each month?