A) You owe $1,032.56 on a credit card with an 11.25% APR. The minimum due is $150.00. What is the difference in the interest accrued if you pay the minimum amount due at the beginning of the month versus at the end of the month?

B) Using the credit card information from the previous problem, you decide to pay $300.00 instead of the $150.00 at the beginning of the month. How much do you save in interest by doubling the amount?

Question

Rodolfo Nash

7 November, 00:57

+5

Answers (1)

Know the Answer?

Cherish Fernandez · Answer 1

The difference is $1.41 in interest in the first month