1) Use the chart for a) and b) only.

Periodic Deposit	$? at the end of each month
Rate	7.25% compounded monthly
Time	20 years
Financial Goal	$8,000,000

a) In order to have $8,000,000 in 20 years, $______ should be deposited each month.

(Do not round until the final answer. Then round up to the nearest dollar.)

b) Of the $8,000,000, $_____ comes from deposits and $_____ comes from interest.

(Use the answer from part a to find this answer. Round to the nearest dollar as needed.)

2) The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r to the nearest tenth of a percent. P = $4000.00, A = $5040.00, t =4 years

3) The principal P is borrowed at a simple interest rate r for a period of time t. Find the simple interest owed for the use of the money. Assume 360 days in a year and round answers to the nearest cent. P = $970, r = 2%, t =2 years.