1)Gerritt wants to buy a car that costs $29,000. The interest rate on his loan is 5.51 percent compounded monthly and the loan is for 5 years. What are his monthly payments?

2)Two years ago, you invested $3,300. Today, it is worth $4,050. What rate of interest did you earn?

3)Your sister just deposited $14,000 into an investment account. She believes that she will earn an annual return of 10.5 percent for the next 9 years. You believe that you will only be able to earn an annual return of 9.8 percent over the same period. How much more must you deposit today in order to have the same amount as your sister in 9 years?