# 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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