Silly and unreasonable question. Who would let a 24% credit card go for a whole year without any payment, and what company would not let you make payments ????
anywhoo...
i = .24/12 = .02
n = 12
amount = 1100(1.02)^12 = $1395.07
A bank credit card charges interest at the rate of 24% per year, compounded monthly. If a senior in college charges $1,100 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.)
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