5. Columbia Bank & Trust has just given you a $120,000 term loan to pay for a new concrete mixer. The loan requires equal monthly payments for 5 years. If the loan provides the bank with a 8 percent annual return compounded monthly, what will be your monthly payments?

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6. You want to purchase a boat that costs $58,000. You want to finance as much of the purchase as possible with a 5-year bank loan at 9% annually compounded monthly, but can only afford loan payments of $750 per month. How much will you need as a down payment to buy the boat?

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7. Eric has $15,000 today saved up for the future to go on a vacation. If every year he plans on vacationing for $2,000, at an interest rate of 6% per year how many years will her money last without any further deposits ?

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8. John is 25 years old and wishes to retire in 30 years. His plan is to invest in a mutual fund earning a 8 percent annual return and have a $1 million retirement fund at age 55. How much must he invest at the end of each year to achieve this goal?

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