1. Stewart Clink buys a used car costing $12,000. He agrees to make payments at the end of each month for 5 years. He pays 5% interest, compounded monthly. What is the amount of each payment?
2. Andrew Lim needs $8,000 in 5 years. What amount should he deposit at the end of each quarter at 4% compounded quarterly so that he will have his $8,000?
3. Howard Yamaha's savings account has a balance of $3,500. After 3 years what will the amount of interest be at 5% compounded quarterly?