Laura owes $4759 on a credit card with a 20.9% interest rate compounded monthly. What is the monthly payment she should make in order to pay off this debt in 3 years, assuming she does not charge any more purchases with the card?

This can be calculated using the formula:

P = L ((r/n) * (1 + r/n) ^ (n*t)) / ((1 + r/n) ^ (n*t) - 1)

Where:

L = 4759

r = 0.209

n = 12

t = 3

So plugging in our dа ta:P = 4759 ((0.209/12) * (1 + 0.209/12) ^ (12*3)) / ((1 + 0.209/12) ^ (12*3) - 1)

Which will give us the amount of: $179.05 is the monthly repayments.

Other info:

Total interest:$1,686.80

Total cost:$6,445.80