1) You are planning to purchase a car upon graduation in three years. The price of the car today is $5,000 and is increasing at the rate of 8% per year (compounded). How much money should you deposit each month, starting one month from now, at an annual rate of 6% compounded monthly, so that you will be able to purchase the car in 3 year

2) A 10 year old mortgage with a balance of $259,221.04 has payments of $2,787.54 per month. The interest rate is 6.75 %.

1. How many years remain on the mortgage?

2. What was the original term of the mortgage?

3. What was the original amount of the mortgage?