Victor has a credit card with an apr of 13.66%, compounded monthly. he currently owes a balance of $1,349.34. assuming that victor makes no purchases or payments, how much will he owe after one year, to the nearest cent?

$1545.65.

Step-by-step explanation:

We have been given that Victor has a credit card with an APR of 13.66%, compounded monthly. He currently owes a balance of $1,349.34.

To solve our given problem we will use compound interest formula.

, where,

A = Final amount after t years,

P = Principal amount,

r = Interest rate in decimal form,

n = Number of times interest is compounded per year,

t = Time in years.

Let us convert our given interest rate in decimal form.

Upon substituting our given values in compound interest formula we will get,

Therefore, Victor will owe an amount of $1545.65 after one year.

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step-by-step explanation:

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