1. If you want to have $10,000 for a down payment on a new car in three years time, assuming an interest rate of 4.5% compounded annually, how much money do you need to save at the end of each month starting today ?
2. Ivana has found a fixed rate mortgage of 300,000 at 4% interest compounded semiannually, amortized over 15 years. what is her monthly payment ?
3. Sally obtains a one year loan of $3000 based on an interest rate of 12% compounded annually. what would be the monthly payment to pay it off in 1 year ?