Answer:
c. $467.29
Step-by-step explanation:
The total of balances is $9360. The payment can be computed using the amortization formula:
A = P(r/12)/(1 -(1 +r/12)^-n)
where A is the monthly payment, P is the principal (total balance), r is the annual rate, and n is the number of months.
Filling in your numbers, we have ...
A = $9360(0.18/12)/(1 -(1 +0.18/12)^-24) ≈ $467.29
Frank's monthly credit card payment will be $467.29.
Answer:
the slope is 1
Step-by-step explanation:
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