1. Thom owes $6,600 on his credit card. The credit card carries an APR of 18.1 percent compounded monthly. If Thom makes monthly payments of $210 per month, how long will it take for him to pay off the credit card assuming that he makes no additional charges? Do not use excel.
a. 42.92 months
b. 46.22 months
c. 40.06 months
d. 11.42 months
e. 31.43 months
2. 20 years ago, your father invested $5,000. Today its worth $35,000. What is the annual return if interest was paid semi-annuall?
A) 8.50%
b) 9.97%
c) 7.60%
D) 11.29 %