What is the interest rate on loans with the terms

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Reference no: EM131256747

1.George has $20,000 in credit card debt at 18% interest compounded monthly. How many months will it take to pay off this amount:

a) If he makes a $350 payment each month?

b) If he makes a $520 payment each month?

2. What is the interest rate on loans with the following terms?

a) On $10,000 borrowed, pay $2,000 a year for 6 years.

b) On $2,000 borrowed, pay $100 a month for 25 months.

Reference no: EM131256747

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