You have just entered college and have decided to pay for your living expenses using a credit
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You have just entered college and have decided to pay for your living expenses using a credit card that has no minimum monthly payment. You intend to charge $1000 per month on the card for the next 45 months. The card carries a monthly interest rate of 1%. How much money will you owe on the card 46 months from now, when you receive your first statement post-graduation?
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Related Book For
Fundamentals Of Corporate Finance
ISBN: 9780133507676
3rd Edition
Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford
Question Posted:
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