FLC "practice" competition

Question 1

1 point

Today, you paid $100 of your credit card bill of $1,000. The credit card charges interest of 19.5% per year (assume daily compounding) and you decided to pay the remaining balance in 6 months. Assuming you made no other purchases for the next 6 months on the credit card, what is the total amount you owe to the credit card company in 6 months time?