William wants to borrow $19,758 for college. The bank is going to charge him
4.8% interest annually, compounded monthly. If his payment is $100 a month.
How much will he owe at the end of 6 months? (Take this one month at a time.
Determine the interest for the month; add it to the principal. Then subtract the
payment, and that is your new principal for the next month.)​