Your best friend John is willing to sell his brand new car to you at a negotiated price which he is willing to keep unchanged for 15 years. You have paid $5,000 to John to lock the deal. However, you still need to pay $20,000. If you could invest the rest of your savings of $8,000 at an annual interest rate of J1 = 5%, how much money can you accumulate within 15 years and would you be able to buy his car?

Your best friend John is willing to sell his brand new car to you at a negotiated price which he is willing to keep unchanged for 15 years. You have paid $5,000 to John to lock the deal. However, you still need to pay $20,000. If you could invest the rest of your savings of $8,000 at an annual interest rate of J1 = 5%, how much money can you accumulate within 15 years and would you be able to buy his car?

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