Please help! i think i might be using the wrong formula.. :(

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?

A. $786.73
B. $87.63
C. $125.10
D. $387.01

Question

Please help! i think i might be using the wrong formula.. :(

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? 

A. $786.73
B. $87.63
C. $125.10
D. $387.01

goformit100 · Answer

First of all @jennybenny02 : A Warm Welcome to 'Open Study'. Please Read CoC (compulsory to read by all "Open Study" users) : http://openstudy.com/code-of-conduct