1) You want to endow a scholarship that will pay $7,000 per year forever, starting one year from now. If the school's endowment discount rate is 4%, what amount must you donate to endow the scholarship?

2) A bank offers a home buyer a 30-year loan at 7% per year. If the home buyer borrows $100,000 from the bank, how much must be repaid every year?

3) Faisal has $12,000 in his savings account and can save an additional $3,600 per year. If interest rates are 12%, how long will it take his savings to grow to $47,000?