Question

Please Please PLEASE help? Jesse owes $8,473 on a credit card with a 21.5% interest rate. What is the monthly payment he should make to pay off this debt in 12 months, assuming he does not charge any more purchases with the card?

$790.99
$706.08
$164.57
$2,016.54

Answer 1

I think £857.89 a month

Answer 2

the 21.5 interest is 1,821.695
then I add it to the original amount ( 8473+1,821.695=10294.695)
then i divide 10294.695 by 12 which is 857.89125

Answer 3

It can't be because my only choices are $790.99
$706.08
$164.57
$2,016.54

Answer 4

I'm so confused.

Answer 5

i'm confused too now :D

Answer 6

Great! Well at least were confused together. (:

Answer 7

:D then maybe it's 790.99

Answer 8

but i'm still not sure :D

Answer 9

How so?

Answer 10

i was thinking what if that 21.5% not included in the 12 months payment?

Answer 11

i'm just guessing :D

Answer 12

Yeah... I think that's it!!! :D Thanks!!

Answer 13

no prob :)