Suppose you have access to a savings account paying an APR of 2.15% compounded monthly. How much would you need to deposit now in order to reach a savings goal of $8000 in 20 years?

 

You want to save $75000 in 5 years for a downpayment for a house. How much must be deposited today into an account with an APR of 6% compounded annually to meet your goal? Assume no additional deposits are made.

 

How much should you deposit each month in order to save $25000 in 5 years? The account you will use pays 4.75% APR compounded monthly. 

 

You want to be able to renovate a room in 8 years and with a budget of $14000. Your bank offers a plan with a guaranteed APR of 5.5% if you make regular monthly deposits. How much should you deposit each month to end up with $14000 in 8 years?

 

Suppose you deposited $60 per month into an investment plan for 10 years and ended up with a balance of $9727. How much did you earn in interest?