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it would help if you posted the original formula from the problem.

Which of the 3 exercises in problem set 2 are you stuck?

The 1st one, paying the minimum.

balance = (balance - mmp)*(1 + monthlyPaymentRate) that is incorrect.

you should look very carefully at the pic that you posted and the line that medisynergi posted

So monthlyPaymentRate and monthly InterestRate are not the same ?

read the problem instructions/specifications again

One is interest rate on the amount owed, the payment rate is the monthly instalment!

so it should be monthlyInterestRate and be set at 18/12

Evidently not

0.18/12
what is 18? interest rate is a percentage!

Annual rate 18%

exactly... 18% = 18/100 = 0.18, not 18

OK Thanks.

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