You decide to quit using your credit card and want to pay off the balance 9,000 in 2 years making equal monthly payments during this entire "pay back" period. Your interest rate is 16.25% compounded monthly.

What will your monthly payments be?

How much interest do you pay in total over this period?

You can afford a $300 per month car payment. Youve found a 4 year loan at 2% interest. How big of a loan can you afford