1. It is April 15, and so far this month we have sold $35,000 worth of merchandise. Our quota is to sell $72,500 worth of units in April. If we charge a price p for our product, we will sell 800-4p units during the rest of the month. What price would enable us to meet our April revenue quota?
2. Isaac realizes that he changed too much on his credit card and has racked up $7000 in debt. If he pays $725 each month and the card charges 17.55% APR (compounded monthly) how long will it take him to pay off the credit card? How much interest expense will Isaac pay during his time?