The general equation is:
[tex]y=P(\frac{r}{12})^{n\cdot12}[/tex]Where:
n = the count in years
P = sum owed = $779
r = rate = 22% = 0.22
In this case, they are only considering 1 month so:
[tex]\begin{gathered} n\times12=1 \\ n\times\frac{12}{12}=\frac{1}{12} \\ n=\frac{1}{12} \end{gathered}[/tex]Therefore, substitute the values we have:
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