How long will it take to pay off this loan

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Reference no: EM132003598

1. Your neighbor has gotten into some serious credit card debt, and currently owes $16,341 with an interest rate of 14% APR. Making the minimum payment of $489 per month, how long will it take to pay off this loan? Enter answer in months, to two decimal places.

2. The Boston Clothing Co. has $1,000 face value bond outstanding with a market price of $959. The bond pays interest annually, matures in 10 years, and has a yield to maturity of 7.5 percent. What is the coupon rate? (Enter rate in percents, accurate to two decimal places.)

Reference no: EM132003598

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