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 $1,150 per month on the card for the next 45 months. The card carries a monthly interest rate of 1.2%. How much money will you owe on the card 46 months from now, when you receive your first statement post-graduation? After 45 months you will owe $ 68089.58. (Round to the nearest cent.) After 46 months you will owe S (Round to the nearest cent.)
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 $1,150 per month on the card for the next 45 months. The card carries a monthly interest rate of 1.2%. How much money will you owe on the card 46 months from now, when you receive your first statement post-graduation? After 45 months you will owe $ 68089.58. (Round to the nearest cent.) After 46 months you will owe S (Round to the nearest cent.)
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 28P
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after 46 months you will owe $____?
Transcribed Image Text: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 $1,150 per month on the card for the next 45 months. The card
carries a monthly interest rate of 1.2%. How much money will you owe on the card 46 months from now, when you
receive your first statement post-graduation?
After 45 months you will owe $ 68089.58. (Round to the nearest cent.)
After 46 months you will owe $ (Round to the nearest cent.)
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