How much of that money is interest?
1) You want to buy a $31,000 car. The company is offering a 3% interest rate for 48 months (4 years). What will your monthly payments be?
2) Suppose you want to have $800,000 for retirement in 30 years. Your account earns 5% interest.
a) How much would you need to deposit in the account each month?
b) How much interest will you earn?