1.Suppose you buy that lavish home entertainment system that you always wanted for $5,000, and you charge this amount on your new credit card which as an APR of 14%. Now, assume you pay for this purchase by making $100 payments per month to the credit card company. Develop an amortization table assuming $100 payments each month for the first year (12 monthly payments). How much of the $100 is interest and how much is being used to pay down your debt during the first 12 months? (State the amount of interest and state the amount of debt principal repayment each month; then sum those amounts to show the total amount of interest and debt repayment during the first year.)

2.At a rate of $100 per month, how many months will it take to repay the entire $5,000?