SOLUTION: Hak Young is daunted by that monthly payment amount and is trying to figure out how he can make paying off his loan more manageable. He went his bank and found out he could get a

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Hak Young is daunted by that monthly payment amount and is trying to figure out how he can make paying off his loan more manageable. He went his bank and found out he could get a       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1173986: Hak Young is daunted by that monthly payment amount and is trying to figure out how he can make paying off his loan more manageable. He went his bank and found out he could get a personal loan that he could then use to pay off his credit card. The personal loan has an interest rate of 10.75% compounded monthly.
Q1 Assuming he still planned to pay off his debt in 5 years, what would his monthly payments to the bank be now?
Q2 What will be the total interest paid?
Answer by greenestamps(13200) About Me  (Show Source):
You can put this solution on YOUR website!


(1) The current amount of the loan is not given.

(2) There are hundreds of problems like this solved on this forum; and there are many online loan calculators you could use to answer the problem.