1.Today, you borrowed $5,400 on a credit card that charges an interest rate of 12.8 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $90?

2.You just obtained a loan of $19,000 with monthly payments for four years at 6.06 percent interest, compounded monthly. What is the amount of each payment?

3.You just won the grand prize in a national writing contest! As your prize, you will receive $570 a month for 48 months. If you can earn 3.5 percent on your money, what is this prize worth to you today?

4.You are considering two savings options. Both options offer a rate of return of 6.4 percent. The first option is to save $1,500, $1,500, and $3,000 at the end of each year for the next three years, respectively. The other option is to save one lump sum amount today. You want to have the same balance in your savings account at the end of the three years, regardless of the savings method you select. If you select the lump sum method, how much do you need to save today?

5.Your car dealer is willing to lease you a new car for $180 a month for 36 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 4.2 percent, what is the current value of the lease?