Question

Keith owes $4512 on a credit card with a 17.3% interest rate compounded monthly. What is the monthly payment he should make an order to pay off his debt in 12 months assuming it is not charge anymore purchases with a card?
A) $915.50
B) $74.54
C) $376
D) $412.16

Answer 1

If keith makes a monthly payment of (c) $376 in 12 months he should be debt free (simply multiply 376 by 12 to find your answer)