What are monthly expenses expected to be in the first year

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Problem 1: You currently owe $2738 to your credit card that charges an annual interest rate of 17%. You make $189 of new charges every month and make a payment of $188 every month. What will the credit card balance be in 3 months?

Problem 2: You would like to retire in 18years. The expected rate of inflation is 03.00% per year. You currently have a standard of living that requires $8,640 of monthly expenses. Assuming you want to maintain the same standard of living in retirement, what are your monthly expenses expected to be in the first year of retirement?

Reference no: EM132665129

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