Question
gayle has a credit card with $500 balance on it and a 19% interest rate. If she wants to pay off her card in two years, what will her monthly payments be?
Answers
Reiny
i = .19/12 = .0158333
n = 24
500 = x( 1 - 1.01583333^-24)/.01583333
500 = x(19.8378781)
x = 25.20
n = 24
500 = x( 1 - 1.01583333^-24)/.01583333
500 = x(19.8378781)
x = 25.20