A MasterCard statement shows a balance of $550 at 13.4% compounded monthly. What monthly payment will...
A MasterCard statement shows a balance of $550 at 13.4% compounded monthly. What monthly payment will pay off this debt in 1 year 7 months? (Round your answer to the nearest cent.)
Homework Answers
Answer :
Balance of MasterCard statement is $550
Interest rate is 13.4% compounded monthly
Number of months = 19 (1 year 7 months)
Rate = 13.4% / 12 =0.011166667
Nper = 19
Calculate the monthly payment by using formula
Annuity present value = C x {1-[1/(1+r)^t]}/r
$550 = C x {1-[1/(1.011167)^19}/0.011167
$550 = C x 17.03449
C x 17.03449 = $550
C = $550 / 17.03449
C =$ 32.29.
Therefore, the monthly payment is $32.29.
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