Solve this Debt Repayment Calculator problem: Given that a person has a credit card with a balance of $15,000, an interest rate of 25%, and a desired payoff time frame of 53 months, then what formula can I use to find the expected monthly payment. How can this be solved? This is an example of the problem: As you can see the answer was $311.

Balance Owed $ 10000 2 Interest Rate 24 % 3A Expected Monthly Payment $ or 3B Desired Payoff Timeframe 52 Months Calculate Additional Debt Repayment Information Full Payoff Balance Interest Rate Expected Monthly Payment Expected Payoff Time $10,000 24% $311 53 months