A school realizes that they need a new copy machine for their main office. The copy machine costs $4,500. After speaking with the financial advisor, they decide to pay 20% of the cost of the machine in cash and finance the rest through their credit union. How much is their monthly payment if the credit union will charge 2% per year compounded monthly for 3 years?

In order to purchase a new freezer in 2 years, the Steakhouse Restaurant has decided to deposit $1,000 in an account that earns 2% per year compounded monthly for 2 years. How much money will be in the account in 2 years?

A grandmother deposited $5,000 in an account that pays 3% per year compounded annually when her granddaughter was born. What will the value of the account be when the granddaughter reaches her 10^thbirthday?

Luke invested $120 at 5% simple interest for a period of 7 years. How much will his investment be worth after 7 years?