Mr. Smith wishes to retire in 9 years. When he retires he would like to have $400,000 in his bank account. Mr. Smith's bank pays 5% per year compounded annually. How much should he deposit now to attain his goal?

Framing Art Inc. will need to purchase two new cashier machines in 3 years, at a cost of $137 each. A savings account pays 2% per year compounded quarterly. How much should Framing Art Inc. deposit now in this account to have the cash available in 3 years to pay cash for both machines?

John wishes to set up an account for his grandfather so that he can have some extra money each month. John wants his grandfather to be able to withdraw $140 per month for the next 4 years. How much must John invest today at 8% per year compounded monthly so that his grandfather can withdraw $140 per month for the next 4 years?

John got a part time weekend job at a local restaurant to save for a new car. He plans on depositing $130 per month for the next 4 years in a savings account with a rate of 7% per year compounded monthly. How much will he have saved toward his down payment at the end of the 4 year period?

Fred purchased a new car. His monthly payments are $500 per month. He will be paying on his car for 6 years, and the loan costs 10% per year compounded monthly. What was the original cost of the car?

Jackson deposits $170 each month into a savings account earning interest at the rate of 5% per year compounded monthly. How much will he have in this account at the end of 4 years?

Esther pays $355 per month for 5 years for a car. She made a down payment of $4,500. If the loan costs 7.1% per year compounded monthly, what was the cash price of the car?

You borrowed $14,000 from your bank to build a small cabin on your property. The bank will charge 6% per year compounded quarterly. You decide to payoff this loan in 3 years by making quarterly payments. How much are your quarterly payments?

Your brother would like to have $27,000 in 3 years for the purchase of a new car. What monthly payment should he make into an account paying 7% per year compounded monthly to attain his goal?

A school realizes that they need a new copy machine for their main office. The copy machine costs $5,500. After speaking with the financial advisor, they decide to pay 10% 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 4% per year compounded monthly for 2 years?

The Flores Family loves to go sailing on the weekends. Mr. Flores has decided to purchase a more spacious sailboat. The sailboat he is interested in buying in 4 years will cost him $25,000. An account at Invest Well Bank earns 2% per year compounded monthly. How much should Mr. Flores deposit in this account at the beginning of each month to be able to pay cash for the sailboat in 4 years?