Seth is trying to pay off his credit card. He plans to pay it off in 24 months. Interest on the card is compounded monthly at a fixed annual rate of $11.6\%$.



Seth currently has a balance of $\$18,875$ on his credit card. Use the formula for the sum of a finite geometric series to determine Seth's approximate monthly payment.



$P=\frac{F_P(i)}{1-(1+i)^{-n}}$

ASeth's approximate monthly payment will be $\$884.99$.

BSeth's approximate monthly payment will be $\$753.97$.

CSeth's approximate monthly payment will be $\$834.75$.

DSeth's approximate monthly payment will be $\$868.35$.