Question: You have just entered an MBA program and have decided to pay for your living expenses using a credit card that has no minimum monthly

You have just entered an MBA program and have decided to pay for your living expenses using a credit card that has no minimum monthly payment. You intend to charge $1,060 per month on the card for the next 21 months. The card carries a monthly interest rate of 1.06%. How much money will you owe on the card 22 months from now, when you receive your first statement post-graduation? You will owe $ . (Round to the nearest cent.)

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