1. Julio Jones buys a new BMW costing $32,000. After a $2,000 down payment, he agrees to make payments at the end of each month for 4 years. He pays 3% interest, compounded monthly. What is the amount of each payment? And how much interest does Julio pay at the end of 4 years.
2. Amanda plans on saving $30 every week and put the money into an account for her wedding in three years. The account pays 5% compound weekly. She plans on spending all the money in the account for the wedding. How much does her wedding cost?
3. Jose Perez borrowed $10,000 from his mother to start a taco shop. He repaid him after 4 years, with annual interest rate of 4%. Find the total amount he repaid.
4. Tuition, fees, and housing of $5,500 is due when the Spring term of 2019 begins in 8 months. What amount should a student deposit today, at 5% compound monthly, to have enough to pay?
5. James and Katie Duvall are establishing a fund for their son's college education. What amount must they deposit at the end of each quarter in an account that gives 4% annual interest rate, compounded quarterly, in order for them to have $80,000 in the fund at the end of 8 years?