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What is the total cost of this spending spree

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Question 1 - Kitt went on a spending spree and charged $1,000 to their credit card. If the card charges a 17.5% interest rate and they want to pay it off over 10 years, what is the total cost of this spending spree?

Question 2 - Hailey just graduated from university. While they were in school, they borrowed a total of $45,000 using federal student loans. If these loans charge a 6% interest rate and they pay it off over 14 years, what is the total cost the loans?

Reference no: EM133110745

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