Question 1181529
Here's how to calculate the monthly payment you'll need to make to pay off your $2,000 credit card balance in four years with a 22% interest rate:

**1. Convert the annual interest rate to a monthly rate:**

*   Monthly interest rate = (Annual interest rate) / 12
*   Monthly interest rate = 22% / 12 = 0.22 / 12 = 0.018333 (approximately)

**2. Calculate the number of monthly payments:**

*   Number of payments = (Number of years) * 12
*   Number of payments = 4 * 12 = 48

**3. Use the loan payment formula:**

The formula to calculate the monthly payment (M) is:

M = P [ i(1 + i)^n ] / [ (1 + i)^n  -  1]

Where:

*   M = Monthly payment
*   P = Principal balance ($2,000)
*   i = Monthly interest rate (0.018333)
*   n = Number of payments (48)

**4. Plug in the values and calculate:**

M = 2000 [ 0.018333 (1 + 0.018333)^48 ] / [ (1 + 0.018333)^48  -  1]

M = 2000 [ 0.018333 (1.018333)^48 ] / [ (1.018333)^48  -  1]

M = 2000 [ 0.018333 * 2.382769] / [2.382769  -  1]

M = 2000 [0.043697] / [1.382769]

M = 2000 * 0.031599

M ≈ $63.20

**Therefore, you will need to pay approximately $63.20 each month to pay off your credit card balance in four years.**