Question 15 • Personal Finance - EL3403
Add the four balances to get a total of $9,360. The monthly interest rate is 18% ÷ 12 = 1.5%, and the balance is paid over 24 months. Using the fixed-payment formula, $9,360 × 0.015 ÷ [1 − (1.015)^−24] ≈ $467.29 per month, so the payment is $467.29.
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