1- Suppose that on January 1 you have a balance of $5000 on a credit card whose APR is. 14%,which you want to pay off in1

year. Assume that you make no additional charges to the card after January 1.

A-The monthly payment is

B-he total paid since January 1 is

C-The percentage of the total paid that is interest is

2- Suppose that on January 1 you have a balance of$4600 on a credit card whose APR is 17%,which you want to pay off in3

years. Assume that you make no additional charges to the card after January 1.

a. Calculate your monthly payments.

b. When the card is paid off, how much will you have paid since January 1?

c. What percentage of your total payment (part b) is interest?

3- Suppose you have a student loan of$35,000 with an APR of6%for 30 years. Complete parts (a) through (c) below.

A-The required monthly payment is

b-Suppose you would like to pay the loan off in10years instead of20.What monthly payments will you need to make?

C- ompare the total amount you'll pay over the loan term if you pay the loan off in10years versus 20 years.