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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

Verified Answer :

MissPhiladelphia

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!

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