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Rzqust [24]
3 years ago
8

Taylor has a credit card with an interest rate of 24.5% compounded monthly that she must pay off in seven years. If her balance

on the credit card is $2,345, what must her monthly payment be?
$27.92

$58.61

$222.31

$732.52
Mathematics
1 answer:
Lyrx [107]3 years ago
8 0
For the answer to the question above, I'll provide a computation to the problem given and it will look like this.
<span>
M = 2345 × (0.0204166667 (1 + 0.0204166667)^(12×7)) / ((1 + 0.0204166667)^(12×7) - 1)

So the answer is 
M= </span><span>$58.61

I hope my answer helped you with your problem. Have a nice day!
</span>
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