Suppose you have a balance of $4,950 on your credit card, which charges interest at an APR of 20%, compounded monthly. If the credit card company allows you to suspend your payments for one year due to financial hardship, but continues to charge interest, what will the balance on your card be at the end of the year? O $5,975.01 O $6,035.99 O $6,078.73 O $6,200.45 Op Cor

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A: The formula to find is, Remaining balance =  (Original balance*(1+r)^n)-EMI*((((1+r)^n)-1)/r)

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A: Thanks for the question :)And your upvote will be really appreciable ;)

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