You want to purchase a new car in 3 years and you anticipate the cost of the car to be $25,000. You are given an investment plan with a fixed APR of 5.3% if you make regular monthly deposits.
How much should you deposit at the end of each month to reach your goal of $25,000 in 3 years?
a.$642.23
c.$648.62
b.$645.65
d.$649.13