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

$1,150

per month on the card for the next

21

months. The card carries a monthly interest rate of

0.99%.

How much money will you owe on the card

22

months from now, when you receive your first statement post-graduation?

1.you will owe $?

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