Question

Rita owes $9,739 on a credit card with a 21.5% interest rate compounded monthly. What monthly payment should she make to pay off this debt in six years, assuming she does not charge any more purchases with the card?

$909.17

$135.26

$241.82

$2,093.89

Answer 1

its 241.82
is this a finance class? or a math class?

Answer 2

Finance, how did you get that answer?

Answer 3

i used a finance calculator

also i notice these answer choices are not even close
you could get right answer by elimination

Answer 4

assuming no interest....9739/72 = 135.26
obviously monthly payment will be slightly larger than this

Answer 5

if you want to use a formula, memorize this:
\[P = B \frac{1-v}{v(1-v^{n})}\]
where
\[v = \frac{1}{1+i/12}\]