Calculation question 1. a. (5) How many months will it take you to pay off your credit card balance of $16,200 if the credit card company charges 16% annual interest and you can make a payment of $235.00 per month? Calculation question 2. Suppose you take out a $340,000.00 loan to purchase a house. It is a 25 year fixed rate loan with an annual interest rate of 4.2%. a. (5) What is your MONTHLY payment? After you have made 12 payments, the remaining principle on the loan is $332,141.01 (trust me on this one, or you can confirm if you want). Assume market rates for similar contracts have now gone to 5.5%. b. (5) If your lender wanted to then sell your remaining loan contract (288 more monthly payments), what would it be worth on the secondary market