You are offered a “sweet” cred

You are offered a “sweet” credit card deal upon graduation from college with a $2,500 credit limit. One month after graduation you have run up purchases to the credit limit and realize you cannot pay off the balance before the end of the following month. In fact you can only manage to pay $100 against the balance. If the “sweet” credit card company charges you an annual interest rate of 18% per annum, how much interest will be added to your outstanding balance in month 2? Calculate this number. Is it wise to carry a credit card balance based upon your calculation, ever?

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