Using the calculator at www.free-financial-advice.net/time-to-pay-debt.html, answer the following questions:
a. Upon graduation, you purchase $3,000 of furniture for your new apartment. The furniture store set your monthly payments at $150 at 12% interest. How many months will it take to pay off your furniture?
b. You get a raise at your job and decide to make double payments. By how many months will it reduce the time it takes to pay off your furniture that you computed in "a" above.
c. Due to economic conditions, your employer cuts your salary and you are now only able to make payments of $100 per month. The furniture store agrees to this. How many additional months will it take you to pay off your furniture?