John got a part time weekend job at a local restaurant to save for a new car. He plans on depositing $190 per month for the next 2 years in a savings account with a rate of 4% per year compounded monthly. How much will he have saved toward his down payment at the end of the 2 year period?

You borrowed $12,000 from your bank to build a small cabin on your property. The bank will charge 6% per year compounded quarterly. You decide to pay off this loan in 2 years by making quarterly payments. How much are your quarterly payments?

Mr. Smith wishes to retire in 16 years. When he retires he would like to have $500,000 in his bank account. Mr. Smith's bank pays 10% per year compounded annually. How much should he deposit now to attain his goal?