Question: 1. (Nonannual compounding) George is considering buying a new house and has to borrow $50,000 to pay for it. He plans to take a mortgage loan from a bank for 10 years, which requires monthly payments and the interest rate is 15 percent. How much does George have to pay for loan repayment each month?
2. (Nonannual compounding using a calculator) Bowflex's television ads say you can get a fitness machine that sells for $999 for $33 a month for 36 months. What APR are you paying on this Bowflex loan?