Homework Help: math

Posted by laken on Thursday, March 31, 2011 at 1:45pm.

gayle has a credit card with $500 balance on it and a 19% interest rate. If she wants to pay off her card in two years, what will her monthly payments be?

math - Reiny, Thursday, March 31, 2011 at 2:20pm
i = .19/12 = .0158333
n = 24

500 = x( 1 - 1.01583333^-24)/.01583333
500 = x(19.8378781)
x = 25.20

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