HOMEWORK #$3$ Time Value of Money

Please use Excel to answer the following questions. Answer each question in the space provided.

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$1$ Calculate the present value of $120$ monthly payments of $$3,000$ at an annual rate of $8\%.$ The payments are made at the end of each month.

$2$ You are financing a new car with a $3$ year loan at $5\%$ annual interest, compounded monthly. The amount you are borrowing is $$16,000.$ What are your monthly payments?

$3$ What is the maximum you can finance if you can only afford a monthly payment of $$200?$ The interest rate is $5\%.$ The term is three years.

$4$ If you deposit $$5,000$ in a savings account that pays $8\%$ annual interest compounded monthly, and make no other deposits to the account, how much will you have after $5$ years?