1. Marcos Pizza needs $2,224 in 2 year and can earn 3.75% during the period. How much does he need to deposit today to achieve his goal? For this problem, use the mathematical formula to find the answer and show all of your work. (Do not use the calculator format for your answer).
2. Today you found your dream car. You decide you can afford $500 monthly payments and you would like to pay off your new ride in 4 years. In addition, you decide to make a $2,000 down payment. The bank will offer you a loan at 7.85%. What is price of the car that you can you afford (loan plus down payment)? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
3. How much would you have in your savings account if you put $1,902 in an account today that pays 8% for 7 years? For this problem, use the mathematical formula to find the answer and show all of your work (Do not round intermediate calculations. Round your answer to 2 decimal places.)
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