# math

posted by .

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 -

i = .19/12 = .0158333
n = 24

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

## Similar Questions

1. ### Math

On a credit card, minimum monthly payments are often about 2% of the balance. If no interest were charged, how long would it take to pay off a loan when payments are 2% of the balance?
2. ### finanance

2. You charged \$ 1,000 on your credit card for Christmas presents. Your credit card company charges you 16 % annual interest, compounded monthly. If you make the minimum payments of \$25 per month, how long will it take [to the nearest …
3. ### consumer math

1. Which of the following is an advantage of using credit cards?
4. ### Math

The outstanding balance on Bill's credit card account is 3690 dollars. The bank issuing the credit card is charging 21 percent of interest per year compounded monthly. If Bill decides to pay off his balance in equal monthly installments …
5. ### Interest

It’s time to go shopping! You grab your Best Purchase credit card, which has an annual interest rate of 18%. The unpaid balance on your card for the current billing cycle is \$285.76. On your shopping trip, you purchase four items: …
6. ### computer programming

Paying Off Credit Card Debt Each month, a credit card statement will come with the option for you to pay a minimum amount of your charge, usually 2% of the balance due. However, the credit card company earns money by charging interest …
7. ### computer programming

Paying Off Credit Card Debt Each month, a credit card statement will come with the option for you to pay a minimum amount of your charge, usually 2% of the balance due. However, the credit card company earns money by charging interest …
8. ### Computer science

Paying Off Credit Card Debt Each month, a credit card statement will come with the option for you to pay a minimum amount of your charge, usually 2% of the balance due. However, the credit card company earns money by charging interest …
9. ### linear algebra

The outstanding balance on Peter's credit card account is 4730 dollars. The bank issuing the credit card is charging 19.3 percent of interest per year compounded monthly. If Peter decides to pay off his balance in equal monthly installments …
10. ### Math

our credit card has a balance of ​\$5800 and an annual interest rate of 18 ​%. You decide to pay off the balance over three years. If there are no further purchases charged to the​ card, a. How much must you pay each​ month?

More Similar Questions