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valentina_108 [34]
3 years ago
7

Wilson has a balance of $890 on a credit card with an apr of 18.7%, 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 12.5%, compounded monthly? (assume that wilson will make no payments or new purchases during the year, and ignore any possible late-payment fees.)
a.$117.85
b.$181.46
c.$299.31
d.$63.61
Mathematics
2 answers:
alina1380 [7]3 years ago
7 0
<h2>Answer:</h2>

Option d.$63.61

<h2>Step-by-step explanation:</h2>

We will find the compound interests in both scenarios and then subtract them to find the difference.

<u>Case 1:</u>

p = 890

r = 18.7% or 0.187

n = 12

t = 1

Compound interest formula is :

A=p(1+\frac{r}{n})^{nt}

Putting the above values in formula we get,

A=890(1+\frac{0.187}{12})^{12}

= $ 1071.38

<u>Case 2:</u>

p = 890

r = 12.5% or 0.125

n = 12

t = 1

Putting the above values in formula we get,

A=890(1+\frac{0.125}{12})^{12}

= $1007.83

Now, the difference between both values is = 1071.38-1007.83

=$63.55 this is closest to option D.

Therefore, option D is the answer.

vivado [14]3 years ago
5 0
890×(1+0.187÷12)^(12)−890×(1+0.125÷12)^(12)=63.61....answer
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