Question

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

Answer 1

For the answer to the question above, I'll provide a computation to the problem given and it will look like this.

M = 2345 × (0.0204166667 (1 + 0.0204166667)^(12×7)) / ((1 + 0.0204166667)^(12×7) - 1)

So the answer is
M= $58.61

I hope my answer helped you with your problem. Have a nice day!