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Math

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Your service contract for washer repair maintenance is offered at $48 per year. If a customer wants to pay it off in equal monthly installments for one year and if the true annual interest charge is 18%, what should his monthly payment be?

  • Math - ,

    (48 * 1.18) / 12 = ?

  • Math - ,

    I got 4.72& the computer says the answer was wrong.

  • Math - ,

    I got $4.72 also.

  • Math - ,

    Weird lol Well this is the formula I= 2yc/m(n+1)
    y = payments per year; c = total interest paid; m = amount financed; n = total number of payments.

    I do not know how to plug the numbers in right with this equation.

  • Math - ,

    formula

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