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SashulF [63]
3 years ago
12

You have a credit card with a balance of $2,856.74 at a 14.75% APR. You decide to put $629.63/month toward reducing your debt. H

ow much interest do you save in 1 full month?
Mathematics
2 answers:
Elenna [48]3 years ago
6 0
629.63*0.1475/12=7.74
ddd [48]3 years ago
3 0

Answer:

Interest save in 1 full month=$7.74

Step-by-step explanation:

In this question we have given

credit card  balance,P = $2,856.74

rate,R=14.75%

monthly installment,n=$629.63

Therefore, Interest save in 1 full month=\frac{n\times R}{100\times 12}.............(1)

put values of n and R in equation (1)

\frac{629.63\times 14.75}{12\times 100}

Interest save in 1 full month=$7.74

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