Laura owes $4759 on a credit card with a 20.9% interest rate compounded monthly. What is the monthly payment she should make in order to pay off this debt in 3 years, assuming she does not charge any more purchases with the card?

$179.05
$995.70
$132.19
$442.90

Question

Laura owes $4759 on a credit card with a 20.9% interest rate compounded monthly. What is the monthly payment she should make in order to pay off this debt in 3 years, assuming she does not charge any more purchases with the card? 

$179.05 
$995.70 
$132.19 
$442.90

anonymous · Answer

@dumbcow @chosenmatt @Mimi_x3 @micahm @triciaal @KamiBug

triciaal · Answer

what is the formula for compound interest?
interest is compounded monthly for 3 years 
12 months = 1 year so that would be 36 periods