Loans, Part II: Paying Off Loan.

In this part of the project, you will be examining different strategies for paying off loans. The first type of loan is a credit card balance, where the consumer is free to choose the monthly payments and the length of time to pay off the balance. The second type of loan is a mortgage, which is structured around a set time period and set payments, but which a borrower can choose to pay off early.

D$.$ Most sources say that, for U$.$S$.$ adults who carry a balance on their credit card, the average balance is between $$5000$ and $$6000$; the average credit card APR is typically about $17\mathrm{.}7\%.$

Suppose Devyn has a $$5000$ balance on their credit card and has an APR of $17\mathrm{.}7\%.$

$7.$ If Devyn wants to pay off the account balance in $5$ years,

What will their monthly payments be$?$

How much will it cost in total for them to pay off the loan?

How much will they have paid, in total, in interest?

$8.$ If Devyn wants to pay off the account balance in $2$ years,

What will their monthly payments be$?$

How much will it cost in total for them to pay off the loan?

How much will they have paid, in total, in interest?

$9.$ If Devyn wants to pay off the account balance in $1$ year,

What will their monthly payments be$?$

How much will it cost in total for them to pay off the loan?

How much will they have paid, in total, in interest?

$10.$ If Devyn wants to pay off the account balance in $6$ months,

What will their monthly payments be$?$

How much will it cost in total for them to pay off the loan?

How much will they have paid, in total, in interest?