Your moneylender has an interst rate of 26.5% which he compounds monthly. You need to pay a balance of 85404.85 exactly in order to not go into the money lenders Black list. Otherwise, you will have to pay more money every month.

1)what is the effective annual interest rate and how much interest will be there at the end of the month and at 6 months?

2) How long will it take you to may the full amount if you pay 150 dollars per month.?

3) How long will it take you to pay the full amount if you pay 500 dollars per month?