You have an outstanding student loan with required payments of $500 per month for the next 4 years. The interest rate on the loan is 9.0% APR (compounded monthly). Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month. Looking at your budget, you can afford to pay an extra $200 a month in addition to your required monthly payments of $500, or $700 in total each month. How long will it take you to pay off the loan? (Note: Be careful not to round any intermediate steps less than six decimal places.) You can pay off the loan in months. (Round to two decimal places.)

A new furniture set costs $ 2100. If you make a down payment of $ 300 and finance the rest at a rate of 11.2% for 18 months, find the monthly payments on your loan. How much will you have paid in interest over the course of the loan? Repayment amount = Interest paid

Suppose you get paid every two weeks. You determine that you can afford to divert $80 from each check to pay for a car. Suppose you get approved for a loan with $80 biweekly payments over 6 years at an APR of 7%. What is the most expensive car you can afford to purchase with this loan?  Note: In finance, biweekly means every two weeks.  Hint: If you make payments every two weeks, how many payments do you make in a year

You are considering two ways of financing a spring break vacation. You could put it on your credit card, at 15% APR, compounded monthly, or borrow the money from your parents, who want an interest payment of 8% every six months. Which is the lower rate?  (Note: Be careful not to round any intermediate steps less than six decimal places.)