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7 March, 19:16

Thomas charged $2,400 on his credit card to buy furniture. The interest rate charged by the credit card company is 24.9%. How much will he pay in interest after one month?

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  1. 7 March, 19:23
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    If the interest is compounded continuously:

    A = Pe^ (r) (t) - 50

    A = 2400e^ (0.249) (1/12) - 50 = $2400.32
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