Gilbert graduated as an ISE 1 year ago, and in celebration for his successful graduation, Gilbert bought himself and his friends 15 copies of Viper Vinyls, with a value of $1500 ($100 for each Vinyl). For reference, Viper is a famous rapper, and a soon-to-be trillionaire, and purchasing his vinyls are typically seen as an investment. a) Lets assume that the interest rate is 8% compounded monthly. If Gilbert makes monthly payments of $70 for 2 years, 

Required:

will that be enough to pay off the principal amount of $1500 in the 2 years of payments? Can he afford them after 2 years?

 b) Assuming an interest rate of 10% compounded monthly, what are the monthly annuity payments for Gilbert that are needed to pay off the principal amount of $1500 in 1 year? In this part Gilber chose to purchase the records on loan and payment off the loan for one year. 

What would his monthly payments be?