How many months will it take for sallie to repay entire loan

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Reference no: EM131505649

Question: 1. A certain college graduate, Sallie Evans, has $24,000 in student-loan debt at the end of her college career. The interest rate on this debt is 0.75% per month. If monthly payments on this loan are $432.61, how many months will it take for Sallie to repay the entire loan?

2. Bill Mitselfik borrowed $10,000 to be repaid in quarterly installments over the next five years. The interest rate he is being charged is 12% per year compounded quarterly. What is his quarterly payment?

Reference no: EM131505649

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