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21 December, 14:04

Victor has a credit card with an APR of 13.66%, compounded monthly. He currently owes a balance of $1,349.34. Assuming that Victor makes no purchases or payments, how much will he owe after one year, to the nearest cent?

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  1. 21 December, 16:45
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    A = P (1 + r/n) ^ nt

    A = 1,349.34 (1+0.1366/12) ^12

    A = 1545.65

    answer: he will owe $1545.65 after one year
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