Asked by dorsey
A bank credit card charges interest at the rate of 20% per year, compounded monthly. If a senior in college charges $1,300 to pay for college expenses, and intends to pay it in one year, what will he have to pay? (Round your answer to the nearest cent.)
Answers
Answered by
Damon
0.20 / 12 = 0.01666666 per month
1300 * (1.01666666)^12
= 1300 * 1.219391
= 1585.21
1300 * (1.01666666)^12
= 1300 * 1.219391
= 1585.21
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