8. I am an average American, which means my wife and I and our 2.2 children have about $42,000 in debt (Recall, debt, mortgages, and loans are all paid off according to the same formula). This debt is...

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Extracted text: 8. I am an average American, which means my wife and I and our 2.2 children have about $42,000 in debt (Recall, debt, mortgages, and loans are all paid off according to the same formula). This debt is to be paid off with monthly payments to my (8) credit card company(ies) at the standard annual interest rate of 14.8%. a. How much do I have to pay each month if I want to pay off the debt in five years? b. What would be the total amount of all the monthly payments required to pay the debt off, and how much of these payments is actually just interest? c. Suppose instead that I can afford to pay $750 per month. How long will it take me to pay it off now?