Question

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. How much interest do you save in 1 full month?

Answer 1

629.63*0.1475/12=7.74

Answer 2

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