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1. (5 points, payment for credit card): What would be your monthly payment (in $) if you want to pay off your credit card outstanding
1. (5 points, payment for credit card): What would be your monthly payment (in $) if you want to pay off your credit card outstanding balance in 18 months? Assume your APR is 6% and your outstanding balance is $1,825. 2. (5 points, payment for student loan): What would be your monthly payment (in $) if you want to pay off your student loan outstanding balance in 4 years? Assume your APR is 3% and your outstanding balance is $30,000. (Hint: don't forget to convert 4 years to months.) 3. (5 points, number of months to pay off credit card balance): How many months would it take to pay off your credit card outstanding balance if your APR is 12% and your outstanding balance is $2,350? Assume you make a payment each month of $300. 4. (5 points, number of months to pay off student loan balance): How many months would it take to pay off your student loan outstanding balance if your APR is 4% and your outstanding balance is $8,500? Assume you make a payment each month of $200
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