How many months will it take to pay off card

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1. Fred owes $12,000 on his credit card, which carries an annual interest rate of 14.2 percent. If he does not charge anything else and sends the credit card company $546 every month, how many months will it take to pay off the card? (Show your answer to two decimal places, e.g., 12.34)

2. Cindy and Mike managed to save $891,000 in their retirement account, which earns 6.6 percent annual interest. They plan to live on this money and will begin withdrawing $6,000 per month out of the account until the money in the account is gone. How long, in months, will their money last?

Reference no: EM131949711

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