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Ber [7]
4 years ago
10

Most credit card offers use compounding interest. This is usually called the annual percentage rate, or APR. When the interest i

s compounded frequently
Social Studies
2 answers:
stich3 [128]4 years ago
7 0

Answer:

<em>Simple interests</em> are only calculated on the principal, which is good for the borrower, and good but not so great for the lender.

Now since <em>Compound Interests</em> are calculated on the principal moreover on the already earned interests according to each period, it's a great deal for the lender due this is: "interests on interests" thus <em>the balance grows faster</em> and the wealth grows exponentially, but not so good for the borrower due they end up paying more; wherefore they're advised to opt for <em>wider periodicity</em> on cards accordingly, because when the interest is compounded frequently <em>the balance grows faster</em>.

Explanation:

lyudmila [28]4 years ago
3 0

Answer:

When the interest is compounded frequently the balance grows faster.

Explanation:

As you saw in the question above, most credit cards use compound interest. This means that this card will charge a certain amount in relation to the value of the purchases you made using the card. For you to understand better, let's cite an example:

Let's say that your credit card charges a 10% fee on the amount of your invoice. Thus, if your bill is 100 dollars and you have not paid, next month the 10% interest will be applied to your debt and your bill will cost 110 dollars. If you do not pay again, you will be charged an additional 10% fee on your new debt and you must pay $ 121.

In summary, we can say that when the interest is compounded frequently the balance grows faster.

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