A new employee charged $5140 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 24% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 2 years using automatic payments sent at the end of each month.
a) What monthly payment must he make to pay off the account at the end of 2 years?
b) How much total interest will he have paid?