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Review & Submit
Corinne is planning to invest in a
savings account and Sally intends
to purchase a car. Help Corinne
and Sally with their financial
planning.
Question 25
Sally is buying a car for $3,295. She has saved $900, but she must borrow money
from her family for the remainder. Her family will loan her the remainder at 5%
interest, compounded quarterly. Sally will not have to make payments for 2 years
but will pay the entire loan in one lump sum.
Rounded to the nearest cent, how much money will she owe her family at the end
of 2 years? Enter the amount owed in the box.
$
When Sally pays back the loan at the end of 2 years, her family lets her keep the
interest on the loan. Rounded to the nearest cent, enter the amount of money Sally
will get to keep in the box.
$