Your service contract for washer repair maintenance is offered at $48 per year. If a customer wants to pay it off in equal monthly installments for one year and if the true annual interest charge is 18%, what should his monthly payment be?

Answer 1

(48 * 1.18) / 12 = ?

Answer 2

I got 4.72& the computer says the answer was wrong.

Answer 3

I got $4.72 also.

Answer 4

Weird lol Well this is the formula I= 2yc/m(n+1)
y = payments per year; c = total interest paid; m = amount financed; n = total number of payments.

I do not know how to plug the numbers in right with this equation.

Answer 5

formula