Erica buys a mobile phone for $459. Her credit card has an interest rate of 18.75% per annum, compounded monthly. Calculate the amount owing if she has made no payments after 6 months.
18.75% per annum compounded monthly would result in 18.75/12 = 1.5625% per month
So we have 459(1.15625)6 = $6679.33 owing
