i need someone to find the answer for this question A MasterCard statement shows a balance...

i need someone to find the answer for this question

A MasterCard statement shows a balance of $510 at 13.5% compounded monthly. What monthly payment will pay off this debt in 1 year 10 months? (Round your answer to the nearest cent.)

Solutions

Expert Solution

Total No of Months (12+10)=22 Months

Given Compounding Monthly,So Convert Yearly Rate to Monthly (13.5/12)=1.125% Monthly

Consider Each Month as one period,therefore total periods 22

Annuity Factor for 1.125% for 22 Periods is 19.3929

Outstanding Loan Amout / Annuity Factor

Equated Monthly payment =

($510/19.3929)

Periods	Op Outstanding	Interest	Total Outstanding	Montly Paymnent	Outstanding
1	510	5.7375	515.7375	26.2983	489.4392
2	489.4392	5.506191	494.945391	26.2983	468.6471
3	468.6471	5.27228	473.9193708	26.2983	447.6211
4	447.6211	5.035737	452.6568078	26.2983	426.3585
5	426.3585	4.796533	431.155041	26.2983	404.8567
6	404.8567	4.554638	409.4113794	26.2983	383.1131
7	383.1131	4.310022	387.4231015	26.2983	361.1248
8	361.1248	4.062654	365.1874555	26.2983	338.8892
9	338.8892	3.812503	342.7016585	26.2983	316.4034
10	316.4034	3.559538	319.9628963	26.2983	293.6646
11	293.6646	3.303727	296.968323	26.2983	270.67
12	270.67	3.045038	273.7150608	26.2983	247.4168
13	247.4168	2.783439	250.2001993	26.2983	223.9019
14	223.9019	2.518896	226.4207957	26.2983	200.1225
15	200.1225	2.251378	202.3738738	26.2983	176.0756
16	176.0756	1.98085	178.056424	26.2983	151.7581
17	151.7581	1.707279	153.4654029	26.2983	127.1671
18	127.1671	1.43063	128.5977328	26.2983	102.2994
19	102.2994	1.150869	103.4503014	26.2983	77.152
20	77.152	0.86796	78.01996143	26.2983	51.72166
21	51.72166	0.581869	52.30353012	26.2983	26.00523
22	26.00523	0.292559	26.29778896	26.2983	-0.00051

$26.30Cents

ekkarill92 answered 1 year ago

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