A Credit Card Charges Interest at a Rate Of $21 \%$

question 27

Short Answer

A credit card charges interest at a rate of $21 \%$ per year, compounded monthly. If a senior in college charges her last tuition bill of $\$ 4500$ nd intends to pay it 3 years later (after she gets a high-paying engineering job), how much will she have to pay? $\$$$\underline{\quad\quad}$

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Definitions:

Trustworthiness

The quality of being reliable, dependable, and worthy of trust based on honesty, integrity, and reliability.

Propinquity

The effect of physical or psychological proximity on the formation of relationships and people's attraction to each other.

Similarity

The state or fact of being alike or having common features, often used to describe how objects, ideas, or individuals share common characteristics.

Reciprocity

A social norm dictating that people should return the help or kindness they receive from others.