1. Joseph has a current credit card balance of $21,500 with an interest rate of 19.99% APR that he plans on making monthly payments of 4% of today's balance on until his balance reaches $0. How much interest will Joseph pay on his card by the time he reduces his balance to $0.00?
2. Suppose you want to save $700,000 by the time you retire in 35 years. You plan on saving money at the beginning of each month starting today. If you can earn 5.5% APR on your investment over the time frame, how much must you save each month to reach your goal?