You want to purchase a used car for $12,000 and are offered a five year loan at 8.75% interest, compounded monthly. Compute your monthly payments (round to the nearest cent).

You have just borrowed 130,000, and you agree to pay it back over the next 30 years in 30 equal end-of-year payments plus 8 percent compound interest on the unpaid balance. What will be the size of these payments?

The owner of a construction company purchased a cement mixer truck for $160,000 and made a down payment of $45,000. The remaining balance was financed for 10 years at an annual interest rate of 7.25% compounded monthly. Find the monthly payment (in dollars).

Henry secures a $340,000 3/1 ARM loan at an initial interest rate of 3.075%. His monthly payment is $1,447.24. After 3 years, the interest rate on Henry's loan changes to 3.75%. Calculate his new monthly payment (in dollars).