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24 May, 10:18

Rodney owes $1,541.05 on his credit card. His card has an APR of 16.29%, compounded monthly. Assuming that he makes no payments and no purchases, how much will he owe after one year?

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  1. 24 May, 14:08
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    1,541.05 + 251.04=1,792.09 1,792.09x12 = 21,505.08

    1,541.05x16.29% = 1,792.09
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