anonymous
  • anonymous
An unpaid debt with compounding interest grows in time. Suppose your debt starts out at $3500 and that in the next five years, the debt can grow with interest. Your goal is to pay off the accumulated debt in five years. To compute your monthly payment during the five years, use the formula shown. In the formula, M is the monthly payment, P is the principal (initial amount of the loan), n is the number of periods (in this case 60 months), and r is the interest rate per period (which is APR divided by 12 expressed as a decimal). If the credit card has an APR of 18.3%., what monthly payment will pay off the debt in exactly five years?
Algebra
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
schrodinger
  • schrodinger
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
anonymous
  • anonymous
can anybody help me in this problem?? i used the formula to solve it but i keep getting weird answers
anonymous
  • anonymous
srry for the incomplete question
anonymous
  • anonymous
M=P[r(1+r)^n/(1+r)^n-1

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

eSpeX
  • eSpeX
P=3500 M=? r=0.183/12 n=60 What is the answer you're getting?

Looking for something else?

Not the answer you are looking for? Search for more explanations.