Which monthly bill is money spent towards paying off debt?

car insurance

cable

gas/electric

student loan

Question

Which monthly bill is money spent towards paying off debt?

 car insurance

 cable

 gas/electric

 student loan

anonymous · Answer

i would guess "student loan" since that is a debt

anonymous · Answer

Thanks, could you help me with this one too?

Karl owes $7,464 on a credit card with a 20.4% interest rate compounded monthly. What is the monthly payment he should make in order to pay off this debt in 12 months, assuming he does not charge any more purchases with the card?

 $692.85

 $1,706.57

 $139.17

 $622.00

anonymous · Answer

i have no idea, although #2 is unlikely
do you have a formula for this?

jim766 · Answer

$$7464=P(1+\frac{ .204 }{ 12 })^{144}$$

would you do this?

anonymous · Answer

I think..

jim766 · Answer

no it is only to the 12 power     n*t  
            number of times * number of years

anonymous · Answer

:/

jim766 · Answer

I think it is 692.85