Question

William wants to borrow $19,758 for college. The bank is going to charge him

4.8% interest annually, compounded monthly. If his payment is $100 a month.
How much will he owe at the end of 6 months? (Take this one month at a time.
Determine the interest for the month; add it to the principal. Then subtract the
payment, and that is your new principal for the next month.)​

Answer 1

$5,750.30

Explanation:

I got the 4.8% from 19,758, and added it to 100. so we have Williams mothly payment. then I muliplied it by 6 to find the amount owed after 6 months.