1. You are borrowing $5,660 to buy a car. The terms of the loan call for monthly payments for 4 years at a 6.00 percent interest compounded monthly. What is the amount of each payment?
2. Your car dealer is willing to lease you a new car for $309 a month for 60 months. Payments are due on the first day of each month starting with the day you sign the lease contract. If your cost of money is 2.9 percent, what is the current value of the lease?
3. Wicker Imports established a trust fund that provides $150,800 in scholarships each year for needy students. The trust fund earns a 4.00 percent rate of return. How much money did the firm contribute to the fund assuming that only the interest income is distributed?