You found your dream house. It will cost you $300000 and you will put down $60000 as a down payment. For the rest you get a 30-year 5.0% mortgage. What will be your monthly mortgage payment in $ (assume no early repayment)?

You set up a college fund in which you pay $3000 each year at the end of the year. How much money will you have accumulated in the fund after 7 years, if your fund earns 12% compounded annually?