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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 has annual interest rate of 12.99% compounded continuo…

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 continuo…
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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 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?

$739.25
$733.73
$605.13
$600.69

asked
User Bal Krishna Jha
by
7.8k points

1 Answer

6 votes

Answer:

Explanation:

A college student plans to use a credit card to cover the cost of purchasing a $3,200 campus-example-1
A college student plans to use a credit card to cover the cost of purchasing a $3,200 campus-example-2
A college student plans to use a credit card to cover the cost of purchasing a $3,200 campus-example-3
answered
User Maxim Kitsenko
by
8.6k points
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