1. Suppose your credit card balance is $17,000. The minimum payment is $319, and the annual percentage rate is 20.3%.

a. If you make a constant monthly payment of $319, how long will it take you to pay off the credit card balance?

b. How much interest will you pay if you elect to make the minimum payment?

2. Starting one month from now, you need to withdraw $240 per month from your bank account to help cover the costs of your university education. You will continue the monthly withdrawals for the next four years. If the account pays 0.3% interest per month, how much money must you have in your bank account today to support your future needs?

3. You are 30 years old today. You want to retire at the age of 60. You expect to live until age 95. You would like to have a monthly income of $9,000 per month in retirement. How much do you have to save per month during your working years in order to achieve your retirement goal? Assume end of period payments. Assume an annual interest rate of 3.5% in retirement and 5.5% during your working life. How much do you have to save per month during your working years in order to achieve your retirement goal?