Homework Problem Due June 15

A) Suppose a student has a credit card that charges 3% interest compounded monthly. Assume that she is spending $700 each month for two years and paying a minimum payment of $35 per month. How much money will this student owe to the credit card company after two years?

B) After two years the credit company raised the interest to 28% compounded monthly. If the student will start paying $400 per month, how long it will take her to repay the debt? (The student no longer spends any money).

C) How much money in interest will she pay?