you owe $1,000 on your credit card
Suppose you owe $1,000 on your credit card and that at the end of each month an additional 1.4708% of the amount you owe is added onto the amount you owe. You have stopped using this credit card and do not have any money to make any payments. The only change to the amount every month is the addition of the interest.
How much will you owe after 6 months?
How much will you owe after 1 year?
How much will you owe after 2 years?
(Show all calculations)