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
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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):
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.
