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Nadya [2.5K]
3 years ago
10

A bank is offering you an introductory credit card promotion. Your interest for the first year is 8%. But, at the beginning of t

he 2nd year your interest rate will go up to 23%. If you have an $1,800 balance on your card throughout both years, what will be the difference in the monthly interest owed during year 1 and year 2?
Mathematics
1 answer:
Ahat [919]3 years ago
8 0

Answer:

\$22.5

Step-by-step explanation:

GIVEN: A bank is offering you an introductory credit card promotion. Your interest for the first year is 8\%. But, at the beginning of the 2nd year your interest rate will go up to 23\%. If you have an \$1,800 balance on your card throughout both years.

TO FIND: difference in the monthly interest owed during year 1 and year 2.

SOLUTION:

rate of interest for first year =8\%

total amount on card =\$1800

interest earned in first year =\frac{\text{Principal}\times\text{rate}\times\text{time}}{100}

                                             =\frac{1800\times8\times1}{100}

                                             =\$144

monthly interest owed =\frac{\$144}{12}=\$12

rate of interest for first year =23\%

total amount on card =\$1800

interest earned in first year =\frac{\text{Principal}\times\text{rate}\times\text{time}}{100}

                                             =\frac{1800\times23\times1}{100}

                                             =\$414

monthly interest owed =\frac{\$414}{12}=\$34.5

Difference in monthly interest owed during year 1 and year 2 =34.5-12=\$22.5

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