Seth is trying to pay off his credit card. He plans to pay it off in 24 months. Interest on the card is compounded monthly at a fixed annual rate of 11.6%. Seth currently has a balance of $18,875 on his credit card. Use the formula for the sum of a finite geometric series to determine Seth’s approximate monthly payment.
A.
Seth’s approximate monthly payment will be $753.97.
B.
Seth’s approximate monthly payment will be $834.75.
C.
Seth’s approximate monthly payment will be $884.99.
D.
Seth’s approximate monthly payment will be $868.35.
