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A college student plans to use a credit card to cover the cost of purchasing a $3,200 campus meal plan. If the credit card

 

A college student plans to use a credit card to cover the cost of purchasing a $3,200 campus meal plan. If the credit card has annual interest rate of 12.99% compounded continuously and the student plans to pay off the loan in 16 months, how much interest will be owed?

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