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Isaac realizes that he charged too much on his credit card and has racked up $5,000 in debt. If he can pay $225 each month and the card charges 17.55%, APR (compounded monthly), how long will it take him to pay off the credit card? Answer:

Jasmine has decided that she wants to build enough retirement wealth that, if invested at 6% per year, will provide her with $3,000 of monthly income for 30 years. To date, she has saved nothing but she still has 25 years until she retires. Jasmine believes that she can earn 6% on her investments until she retires. How much money does she need to contribute per month to reach her goal? Answer