Our cat, Fred, wants to purchase a new litter box. The cost is $100 and he'll finance

Question:

Our cat, Fred, wants to purchase a new litter box. The cost is $100 and he'll finance it over 2 years at an annual rate of 18% compounded monthly and to be repaid in 24 monthly payments.
(a) What is his monthly payment?
(b) At the time of the thirteenth payment, Fred decides to payoff the remainder of the loan.
Using regular factors, determine the amount of this last payment.
Compound Interest
Compound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit or loan. Thought to have originated in 17th century Italy, compound...