1. Consider a student loan of $17,500 at a fixed APR of 12 % for 20 years. What is the monthly payment?
2. Consider a student loan of $25,000 at a fixed APR of 6 % for 15 years. What is the monthly payment?
3. Consider a home mortgage of $225,000 at a fixed APR of 4.5 % for 20 years. What is the monthly payment?
4. Consider a home mortgage of $225,000 at a fixed APR of 6 % for 30 years. What is the monthly payment?
5. Suppose that on January 1 you have a balance of $3000 on a credit card whose APR is 21 %, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. Calculate monthly payment
6. Suppose that on January 1 you have a balance of $4500 on a credit card whose APR is 17 %, which you want to pay off in 3 years. Assume that you make no additional charges to the card after January 1. Calculate monthly payment
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