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Seth is trying to pay off his credit card. He plans to pay it off in 24 months. Interest on the card is compounded monthly at a fixed annual rate of 11.6%. Seth currently has a balance of $18,875 on his credit card. Use the formula for the sum of a finite geometric series to determine Seth’s approximate monthly payment.

A.

Seth’s approximate monthly payment will be $753.97.

B.

Seth’s approximate monthly payment will be $834.75.

C.

Seth’s approximate monthly payment will be $884.99.

D.

Seth’s approximate monthly payment will be $868.35.

User Messy
by
8.9k points

2 Answers

6 votes

Answer:

884.99

Explanation:

User Rlivsey
by
8.0k points
4 votes

Answer:

$884.99

Explanation:

Just took the quiz and this was the right answer. :)

User Arinzehills
by
8.7k points

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