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1. Phillip has $8320 today. He wants to have $12500 to pay for college. How long will he have to save his money at 10.5%, compounded semi-annually?

2. Alanna plans to add an extension on her home. She applied for a loan of $30000. Loans are available for one to five years at 8.9% per year, compounded monthly.

a. Determine Alanna's monthly payment for time period of 3 years.

b. Calculate the total interest paid for a time period of 3 years.

3. Charles would like to buy a new car that cost $32000. The dealership offers to finance the car at 2.4% a compounded monthly for 5 years with monthly payments. The dealer will reduce the selling price by $3000 if Charles pay cash. Charles can get a loan from his bank at 5.4% a compounded monthly. Which is the best way to buy a car?