The problem requires us to calculate Jason's monthly payment to pay off his credit card debt within 2 years, given a monthly compounding interest rate. To solve this, we will use the formula for the present value of an ordinary annuity.

Formula:

$PV = P \times \left(\frac{1 - (1 + r)^{-nt}}{r}\right)$ Where:

• $PV$ = Present value (the amount of debt) = $3,568.15
• $P$ = Monthly payment (what we need to find)
• $r$ = Monthly interest rate = $\frac{18.4\%}{12} = 0.01533$
• $n$ = Number of payments per year = 12
• $t$ = Time in years = 2

We will rearrange the formula to solve for $P$, the monthly payment.

$P = \frac{PV \times r}{1 - (1 + r)^{-nt}}$

Now, let's calculate the monthly payment.Jason's monthly payment to pay off his credit card debt in 2 years would be approximately $178.83.

Would you like further details or clarification on any part of the solution?

Here are 5 related questions to explore:

1. How would the monthly payment change if the interest rate was 20% instead of 18.4%?
2. What would be the monthly payment if Jason wanted to pay off the debt in 3 years instead of 2?
3. How much total interest will Jason pay over the 2 years?
4. How does compounding monthly compare to compounding annually in terms of payment size?
5. What is the formula for the future value of an annuity?

Tip: Always pay attention to the compounding period, as it significantly affects the total interest paid.