SOLUTION: Shania has decided to purchase a new living room suite for $3,985.00, including tax. She chose to buy it with her credit card, with an annual interest rate of 24.99%.
What month
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Question 1163690: Shania has decided to purchase a new living room suite for $3,985.00, including tax. She chose to buy it with her credit card, with an annual interest rate of 24.99%.
What monthly payment would Shania have to make to pay off this balance in three years?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Let 
represent the Monthly Payment for a fully amortized loan for a principal amount of 
at 
rate of interest per month expressed as a decimal for 
months.
^n}{(1\,+\,r)^n\ -\ 1})
Plug in your numbers and do the arithmetic.
John
My calculator said it, I believe it, that settles it
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