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Down payment on car

  1. #1
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    Down payment on car

    Based on the current prices of a car that I would like to buy, how do I find out how much money I need to save each month so that in four years I would have enough money to make a down payment of 18% of the current estimated value. Let's say that I can save the money in an account that is getting 3.5% return. How do I create a worksheet that shows how much I have to save each month so that in three years the value of the account is 18% of the current estimated value of the car? How do I determine the monthly savings amount needed for the car of my choice?

  2. #2
    Forum Moderator alansidman's Avatar
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    Re: Down payment on car

    Try this:

    Data Range
    A
    B
    C
    1
    Formula in B
    2
    Current Price
    $ 35,000.00
    3
    Down Payment %
    18.0%
    4
    Required Down
    $ 6,300.00
    =B3*B2
    5
    Term Months
    48
    6
    Apr
    3.50%
    7
    Payment
    ($122.47)
    '=PMT(B6/12,B5,0,B4)
    Last edited by alansidman; 10-12-2014 at 03:01 AM.
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