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Algebra

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Moderate

Compound Interest on Credit Card

ALGEBR-IKBOTG

You have recently used your credit card to purchase a trip to several of the amusement parks found in the United States. The APR on your credit card is $13.24$%.

If you charged $\$5,000$ and make no payments for a year, how much will you owe on the credit card at that time?

A

$\$5,132$

B

$\$5,226$

C

$\$5,500$

D

$\$5,662$