Question

You have just entered college and have decided to pay for your living expenses using a credit card that has no minimum monthly payment. You intend to charge $900 per month on the card for the next 45 months. The card carries a monthly interest rate of 0.9 %.

How much money will you owe on the card 46 months from​ now, when you receive your first statement​ post-graduation?

After 45 months you will owe $____. (Round to the nearest cent)

Answer 1

	Months	Amount paid	Interest @ 0.9 % Per months	Cumulative Value (Amount paid + Interest)
	1	$          900.00	$                    0.81	$                       900.81
	2	$          900.00	$                    1.62	$                   1,802.43
	3	$          900.00	$                    2.43	$                   2,704.86
	4	$          900.00	$                    3.24	$                   3,608.11
	5	$          900.00	$                    4.06	$                   4,512.16
	6	$          900.00	$                    4.87	$                   5,417.04
	7	$          900.00	$                    5.69	$                   6,322.72
	8	$          900.00	$                    6.50	$                   7,229.22
	9	$          900.00	$                    7.32	$                   8,136.54
	10	$          900.00	$                    8.13	$                   9,044.67
	11	$          900.00	$                    8.95	$                   9,953.62
	12	$          900.00	$                    9.77	$                 10,863.39
	13	$          900.00	$                  10.59	$                 11,773.98
	14	$          900.00	$                  11.41	$                 12,685.38
	15	$          900.00	$                  12.23	$                 13,597.61
	16	$          900.00	$                  13.05	$                 14,510.66
	17	$          900.00	$                  13.87	$                 15,424.53
	18	$          900.00	$                  14.69	$                 16,339.22
	19	$          900.00	$                  15.52	$                 17,254.73
	20	$          900.00	$                  16.34	$                 18,171.07
	21	$          900.00	$                  17.16	$                 19,088.24
	22	$          900.00	$                  17.99	$                 20,006.23
	23	$          900.00	$                  18.82	$                 20,925.04
	24	$          900.00	$                  19.64	$                 21,844.69
	25	$          900.00	$                  20.47	$                 22,765.16
	26	$          900.00	$                  21.30	$                 23,686.45
	27	$          900.00	$                  22.13	$                 24,608.58
	28	$          900.00	$                  22.96	$                 25,531.54
	29	$          900.00	$                  23.79	$                 26,455.33
	30	$          900.00	$                  24.62	$                 27,379.95
	31	$          900.00	$                  25.45	$                 28,305.40
	32	$          900.00	$                  26.28	$                 29,231.68
	33	$          900.00	$                  27.12	$                 30,158.80
	34	$          900.00	$                  27.95	$                 31,086.76
	35	$          900.00	$                  28.79	$                 32,015.54
	36	$          900.00	$                  29.62	$                 32,945.17
	37	$          900.00	$                  30.46	$                 33,875.63
	38	$          900.00	$                  31.30	$                 34,806.93
	39	$          900.00	$                  32.14	$                 35,739.06
	40	$          900.00	$                  32.98	$                 36,672.04
	41	$          900.00	$                  33.81	$                 37,605.85
	42	$          900.00	$                  34.66	$                 38,540.51
	43	$          900.00	$                  35.50	$                 39,476.00
	44	$          900.00	$                  36.34	$                 40,412.34
	45	$          900.00	$                  37.18	$                 41,349.52
	Answer=	$    41,349.52
	Note: Interest on the first month is charged on opening balance
	and after that on cumulative balance in last coloumn