Loan And Mortgage

I really need some math help. Can someone please explain how to work the following to me?
Here it is:
Cara has a loan from her credit union at a rate of 11% for which her payments are 5. per month. The interest is computed on a daily basis on the unpaid balance of a loan. If [...]

Supposedly the new laws came out in order to prevent people from abusing the bankruptcy process but we all know better than that. Not to worry folks, there are agencies available to guide us through the maze of paperwork and confusion.