Your bank calculates the interest based on 12 apr on your, Finance Basics

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Your bank calculates the interest based on 12 apr on your

Question: Your bank calculates the interest based on 12% APR on your credit card balance (monthly compounding). Suppose that your current outstanding balance is $2000 and you skip payments for two consecutive months. If there is no any other penalty, what will be the balance at the end of the third month? Assume here that bank charges interest in a outstanding balance.

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