SOLUTION: If I wanted to pay 1/4 of my debt in 12 months, how much would my monthly payment have to be? I owe $48,394.00 with an annual interest rate of 5%. what steps would I take in ord

SOLUTION: If I wanted to pay 1/4 of my debt in 12 months, how much would my monthly payment have to be? I owe $48,394.00 with an annual interest rate of 5%. what steps would I take in ord

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Question 283223: If I wanted to pay 1/4 of my debt in 12 months, how much would my monthly payment have to be? I owe $48,394.00 with an annual interest rate of 5%.
what steps would I take in order to solve this problem
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
I=48394*.05*4
I=9678.80
48394+9678.80=58072.80/4=14518.20/12=$1209.85 per mo
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