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What would monthly payments to bank be now for hak young

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Reference no: EM132998057

Hak Young is daunted by that monthly payment amount and is trying to figure out how he can make paying off his loan more manageable. He went to his bank and found out he could get a personal loan that he could then use to pay off his credit card. The personal loan has an interest rate of 9% compounded monthly.

Problem 1: Assuming he still planned to pay off his debt in 5 years, what would his monthly payments to the bank be now?

Problem 2: What will be the total interest paid?

Reference no: EM132998057

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