Your brother would like to have $27,000 in 3 years for the purchase of a new car. What monthly payment should he make into an account paying 7% per year compounded monthly to attain his goal?

The monthly payment which is required to achieve the goal is $676.18

Explanation:

The  monthly payment which is required to achieve the goal is computed as:

Using the excel formula of PMT:

=PMT(rate,nper,pv,fv,type)

where

PMT is payment monthly

rate is 7%

but rate is compounded monthly, so

r = 7%/ 12

nper is number of years which is 3 years

but the number of years also compounded monthly, so

nper = 3 × 12

fv is future value, which is $27,000

Putting the values above:

=PMT(7%/12,3 × 12,0,-27000,0)

= $676.18

answer; enforce the rules;

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know