Asked by Kevans
You owe $1,350.00 on a credit card with a 14.25% APR. You pay $300.00 at the beginning of the month. How much interest do you save by paying at the beginning of the month versus at the end of the month?
Answers
Answered by
Henry
I = Po*r*t = (1350-300)*(0.1425/12)*1 = $12.47.
I = 1350*(0.1425/12)*1 = $16.03.
Int. Saved = 16.03 - 12.47 =
I = 1350*(0.1425/12)*1 = $16.03.
Int. Saved = 16.03 - 12.47 =
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