You discover that you need a new laptop that costs $4,000. You charge the laptop...

80.2K

Verified Solution

Question

Accounting

You discover that you need a new laptop that costs $4,000. You charge the laptop to your credit card which charges a 21% annual interest rate. If you make no payments on the credit card for 5 years, how much will you owe on the card? Assume annual compounding. (Round to nearest penny, e.g.1234.56)
Answer:No
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students