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How much did they owe at the end of the two years

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Question - Kate's Kitchen operates a production facility in Pubnico, Nova Scotia. When they first started the company in 2005 they used credit cards for some of the startup costs. In total they charged $42,000 to the cards and did not make a single payment for 2 years. The interest rate on the cards was 24% APR compounded monthly. How much did they owe at the end of the 2 years?

Reference no: EM133109992

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