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AnnyKZ [126]
3 years ago
13

Harold has a balance of $2200 on a credit card with an APR of 31.3%, compounded monthly. About how much will he save in interest

over the course of a year if he transfers his balance to a credit card with an APR of 19.1%, compounded monthly? (Assume that Harold will make no payments or new purchases during the year, and ignore any possible late payment fees.)
Business
2 answers:
Sergio [31]3 years ago
6 0

Answer:

$339

Explanation:

If Harold doesn't make any more payments or purchases during the year, his balance at the end of the year will be:

APR 31.3%

$2,200 x (1 + 31.3%/12)¹² = $2,200 x (1 + 2.61%)¹² = $2,200 x 1.0261¹² = $2,997

APR 19.1%

$2,200 x (1 + 19.1%/12)¹² = $2,200 x (1 + 1.59%)¹² = $2,200 x 1.0159¹² = $2,658

The transfer would save Harold $339 (= $2,997 - $2,658)

Naddik [55]3 years ago
4 0
The answer is 337.49
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<h3>What are time compression diseconomies?</h3>
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2 years ago
The distinction between substitutes and complements is
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8 0
3 years ago
On November 1, 20X1, Starbucks paid the rent of $90,000 for 40 of its stores in Colorado and Nebraska. The rent covers the perio
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Part (2) December 31

On this date, some of the rental advances paid would be realized as expenses from the period November 1, 20X1 to December 31, 20X2.

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3 years ago
Terrance is very skilled in biological research and the scientific principles guiding his work. He is also punctual, well-organi
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Answer:

<em>Transferable skills</em>

Explanation:

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These skills can be used when searching for a new job to place your previous experience, especially if it's in another sector.

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Compute the 2019 Federal income tax liability and the marginal and effective tax rates in each of the following independent case
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Answer:

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Explanation:

Question requires that we find the Tax liability, Marginal rate and Average rate.

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