Question 25 • 26-27 Ignite Technical Math-Financial Math - MA2007
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.
AI-written and checked against the verified answer.