Asked by Laken Guzic on May 05, 2024
Verified
Kim Black plans to buy a truck for $24000 after 3 years. If the interest rate is 6% how much money should Kim set aside today for the purchase?
Interest Rate
The fee, shown as a percentage of the principal, that a lender requires from a borrower for the utilization of assets.
Purchase
The act of acquiring goods or services in exchange for money, constituting a financial transaction.
- Determine the necessary current investment to reach a predetermined financial objective in the future.
Verified Answer
MF
Learning Objectives
- Determine the necessary current investment to reach a predetermined financial objective in the future.