Alice charged $800 worth of merchandise one year ago on her credit card, which has an APR of 12% compounded monthly. She made 12 monthly payments of $20, at the end of each month, and refrained from using the card for the past year. Fill in the blank {} to calculate how much she still owes.

Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter13: Sequences And Series
Section13.4: Mathematics Of Finance
Problem 23E
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Alice
charged $800 worth of merchandise one year ago on her credit card, which has an APR of 12% compounded monthly. She made 12 monthly payments of $20, at the end of each month, and refrained from using the
card for the past year. Fill in the blank { } to calculate how much she still owes.
$800* { }^12 - $20*({ }^11+... + 1)
Transcribed Image Text:Alice charged $800 worth of merchandise one year ago on her credit card, which has an APR of 12% compounded monthly. She made 12 monthly payments of $20, at the end of each month, and refrained from using the card for the past year. Fill in the blank { } to calculate how much she still owes. $800* { }^12 - $20*({ }^11+... + 1)
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