2a

b

You owe $13,000 on student loans at an interest rate of 5.8% compounded monthly. You want to pay off the loan in 14 years. What will your monthly payments be? How much interest do you pay? You have $5,000 on a credit card that charges a 18% interest rate. If you want to pay off the credit card in 5 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? each month