Find how long will take to pay off the debt

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Reference no: EM132663554

Problem 1: You wish to buy a $20,000 car. The dealer offers you a 5-year loan with an 5 percent APR. What are the monthly payments?

Problem 2: Joey realizes that he has charged too much on his credit card and has racked up $5,000 in debt. If he can pay $150 each month and the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt?

Reference no: EM132663554

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