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Business, 13.03.2020 05:53 queendolly

10. Josh and John (2 brothers) are each trying to save enough money to buy their own cars. Josh is planning to save $240 from every paycheck at the beginning of the month (he is paid every 2 weeks.) John plans to put aside $360 each month but has already saved $3,600. Interest rates are currently quoted at 10 percent annually. Josh's bank compounds interest every two weeks while John's bank compounds interest monthly. At the end of 2 years they will each spend all their savings on a car (each brother buys a car). What is the price of the most expensive car purchased? (assume a 52 week year and that all payments begin immediately).

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