Leah owes $4,206 on a credit card with an 18.7% interest rate compounded monthly. What is the monthly payment she should make in order to pay off this debt in 4 years, assuming she does not charge any more purchases with the card?

Question

anonymous · Answer

Someone help me in the right direction

anonymous · Answer

$$A=p(1+r/n)^{nt}$$ this is the formula for compounding interest where p is the principal amount, r is the rate of interest, n is the frequency with which it is compounded annually, and t is the length of time it is compounded for. See if you can use the information this equation gives to find a solution

anonymous · Answer

Is this how you set it up
A=4,206(1+0.187/4)*12 times 4

anonymous · Answer

someone please hlep me please im just trying to finish this class already.

anonymous · Answer

almost. n=12 so check the expression inside the parantheses