SOLUTION: 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

SOLUTION: 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

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Question 1179237: 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.)
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
This is A=Ao(1+(r/t))^nt
A=1100(1+(.24/12))^12=1100(1+.02)^12
=$1395.07
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