Question

For questions 3-4, you will be answering by filling in the blanks. Please be aware that your answer must include any commas or decimals in their proper places in order to be correct. The dollar signs have been provided. For example, if the answer is $1,860.78, then you will enter into the blank 1,860.78. Do not place any extra spaces between numbers, commas, or decimal places. Round any decimals to the nearest penny when the answer involves money, so that 5966.526 would be typed into the blank as 986.53 and $5,698.903 would be typed into the blank as 5,698.90
You owe $976.34 on a credit card that has an interest rate of 10.75% APR. You pay $100.00 at the end of each month

Calculate the difference between the interest accrued by a $975.34 balance on the credit card and what $100.00 would earn in a savings account that has an interest

rate of 2.75% APR over the span of one month


How much is paid toward the credit card principal at the end of the first month?

Answer 1

12.29