You have a $8,000 credit card debt, and you plan to pay it off through monthly payments of $200. If you are being charged 15% interest per year, how long (to the nearest 0.5 years) will it take you to repay your debt?  yr

To get the best loan rates available, the Riches want to save enough money to place 20% down on a $160,000 home. They plan to make monthly deposits of $125 in an investment account that offers 8.5% annual interest compounded semiannually. Will the Riches have enough for a 20% down payment after five years of saving? How much money will they have saved?