SOLUTION: A bank credit card charges interest at the rate of 23% per year, compounded monthly. If a senior in college charges $1300 to pay for college expenses, and intends to pay it in one

Question 1154388: A bank credit card charges interest at the rate of 23% per year, compounded monthly. If a senior in college charges $1300 to pay for college expenses, and intends to pay it in one year, what will he have to pay?
Found 2 solutions by josmiceli, ikleyn:
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!

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He would pay $332.62 in interest
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check the math

Answer by ikleyn(52898) (Show Source): You can put this solution on YOUR website!
.

If I understand the question correctly, it does not ask about the interest. It asks about the total amount to pay after 1 year. If so, then the correct answer is $1632.62.

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