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July 28, 2015

Homework Help: math 20

Posted by Sandi on Sunday, October 17, 2010 at 5:44pm.

Jeremy has a balance owing of $4000 on his credit card. The credit-card company charges 18.0% annual interest, compounded monthly.

1.) If Jeremy makes payments of $300 every month, how much will he still owe after making 12 payments?

2.)Determine the monthly payment necessary to have the loan paid off in full after 12 payments.

Not sure if I did part 1 right.
N= 4000(1+0.18/12)^.18/12
= 33422784=$334.23
Part 2 I was going to do $334.23/12=27.85 but it doesn't make sense. Any help would be greatly appreciated.

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