1. Mark Welsch deposits $7,100 in an account that earns interest at an annual rate of 8%, compounded quarterly. The $7,100 plus earned interest must remain in the account 5 years before it can be withdrawn. How much money will be in the account at the end of 5 years? (PV of $1, FV of $1, PVA of $1, and FVA of $1)

2. Dave Krug finances a new automobile by paying $6,800 cash and agreeing to make 10 monthly payments of $500 each, the first payment to be made one month after the purchase. The loan bears interest at an annual rate of 12%. What is the cost of the automobile? (PV of $1, FV of $1, PVA of $1, and FVA of $1

Monthly Payment		Table Factor	=	Present Value of Loan
			=
Table Values are Based on:
n	=
i	=
Present Value of Loan		Cash Down Payment	=	Cost of the Automobile
			=

3. Otto Co. borrows money on April 30, 2016, by promising to make four payments of $22,000 each on November 1, 2016; May 1, 2017; November 1, 2017; and May 1, 2018. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.) How much money is Otto able to borrow if the interest rate is 4%, compounded semiannually?

4.

Compute the amount that can be borrowed under each of the following circumstances: (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round your "Table value" to 4 decimal places.)

1. A promise to repay $90,000 five years from now at an interest rate of 7%.
2. An agreement made on February 1, 2016, to make three separate payments of $17,000 on February 1 of 2017, 2018, and 2019. The annual interest rate is 3%

5. Kelly Malone plans to have $43 withheld from her monthly paycheck and deposited in a savings account that earns 12% annually, compounded monthly. If Malone continues with her plan for two and one-half years, how much will be accumulated in the account on the date of the last deposit? (PV of $1, FV of $1, PVA of $1, and FVA of $1)

6. Starr Company decides to establish a fund that it will use 2 years from now to replace an aging production facility. The company will make a $105,000 initial contribution to the fund and plans to make quarterly contributions of $45,000 beginning in three months. The fund earns 8%, compounded quarterly. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round your "Table Factor" to 4 decimal places and final answer to the nearest whole dollar.) What will be the value of the fund 2 years from now?