1. Today, you borrowed $5,400 on a credit card that charges an interest rate of 12.8 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $90?
(Do not round intermediate calculations and round your answer to 2 decimal places)
2. Island News purchased a piece of property for $1.17 million. The firm paid a down payment of 20 percent in cash and financed the balance. The loan terms require monthly payments for 20 years at an APR of 3.27 percent, compounded monthly. What is the amount of each mortgage payment?
(Do not round intermediate calculations and round your answer to 2 decimal places)
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