Maggie uses a credit card with 17.4% apr compounded monthly to pay for car repairs totaling 843.12 she can pay 330 per month on the card what will the total cost be
17.4% APR is 17.4/12% per month=1.45% or 0.0145. After 1 month 843.12 will grow to 855.35 Take off 330 to leave 525.35. After another month this will grow to 532.96. Take off 330 to leave 202.96. After another month this will grow to 205.91. So the total cost will be 2×330+205.91=865.91.
