You just graduated from college and you finally opened up that monthly credit card bill you've been avoiding. It turns out that your outstanding balance is $$10,000!$ Resolving to get this problem behind you, you decide to allocate $$300$ of your monthly budget to a payment on this credit card $($you also resolve not to use the card any longer$).$

a$)$ If the credit card has an annual interest rate of $19\mathrm{.}8\%,$ how long will it take you to pay off this loan? We will give you a break and assume interest is compounded monthly $-$ and not daily or continuous compounding which is more likely. $($Hint: you will need to solve for $"N"$ on your financial calculator.$)$

$\frac{1}{1}\frac{?}{y}=(\frac{19\mathrm{.}8}{12})=1\mathrm{.}65PMT=300,PV=10,000,FV=0$

b$)$ And, how much will you end up paying in interest on the original $$10,000$ loan balance? $($Hint: $-$ simply subtract the loan balance from the total of all the payments.$)$