Posted by **sarah** on Monday, June 24, 2013 at 1:41pm.

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 -
**Ms. Sue**, Monday, June 24, 2013 at 1:43pm
(48 * 1.18) / 12 = ?

- Math -
**sarah**, Monday, June 24, 2013 at 2:05pm
I got 4.72& the computer says the answer was wrong.

- Math -
**Ms. Sue**, Monday, June 24, 2013 at 2:12pm
I got $4.72 also.

- Math -
**sarah**, Monday, June 24, 2013 at 2:28pm
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 -
**sarah**, Monday, June 24, 2013 at 2:29pm
formula

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