January $19,2023$

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Assume contunious compounding and continuous payments for

the following problem.

Credit card debt can be financially disasterous! Borrowing at a

high rate with low payments is the worst combination.

Suppose you charge $$5810\mathrm{.}00$ dollars on your Visa.

Calculate the total amount of interest after you pay off the bal$-$

ance at the minimum payment rate of $$78\mathrm{.}11$ per month if your

Visa charges $11\mathrm{.}66\%$ interest $($annually$)$

Round your answer to the nearest dollar.

Acceptable correct answers are from $$4490-$ $$4510$