Takes out mortgage on the rest of the money

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Reference no: EM131829361

1. "Suzan is considering buying a home for $214,000. If she makes a down payment of $53,000 and takes out a mortgage on the rest of the money at 4.34% compounded monthly for 16 years. What will be the interest for her 128th payment? (Assume she makes monthly payments)"

2. "You currently owe $3593 on your credit card, which calculates interest based on 18.19% APR, compounded daily. You make quarterly payments of $554 at the end of every quarter, and you make your first payment exactly one quarter from now. How many quarters until you pay off your credit card debt? Assume 91 days in each quarter. Express your answer as an integer (number of quarters)."

Reference no: EM131829361

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