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Adam wants to save up for a car when he gets his license in 4 years. His parentsagreed to help him out if he can contribute $3,000 to the car’s down payment. Calculate how much per year, month, week, and day he’ll need to save for it

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anthougo

The amount that Adam needs to save per year, month, week, and day to meet up with the required contribution of $3,000 in down payment 4 years are as follows:

Period           Expected Savings  

Year                    $750.00

Month                   $62.50

Week                  $14.423

Day                      $2.055

What is a down payment?

A down payment is an initial amount that a purchaser of an expensive item pays as part of the mortgage terms.

It is an upfront payment made to reduce the amount of loan granted to the buyer.

Data and Calculations:

Contribution for down-payment = $3,000

Period of saving = 4 years

Period           Expected Savings  

Year             $750 ($3,000/4 years)

Month           $62.50 ($3,000/48 months)

Week           $14.423 ($3,000/208 weeks)

Day              $2.055 ($3,000/1,460 days)

Learn more about savings at https://brainly.com/question/25787382

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