Shawn has a balance of $1200 on a credit card with an APR of 18.7%, compounded monthly. About how much will he save in interest

Question

3 years ago

10

over the course of a year if he transfers his balance to a credit card with an APR of 12.5%, compounded monthly?

2 answers:

mina [271] · Answer 1 · 2022-09-01T14:52:04+03:00

Answer:

Answer is D = 121.51

Use the Compound Interest Formula

A = P (1 + (R/12)/100)^(12*n)

Run 2 case

P = 1700

R = 18.7, R = 12.5

n = 1 (as the problem is asking over the course of a year)

Solve for A for both the R and subtract the two values of A to obtain ~121.51

Step-by-step explanation:

STALIN [3.7K] · Answer 2 · 2022-09-01T17:11:03+03:00

STALIN [3.7K]3 years ago

3 0

Answer:

85.77

Step-by-step explanation:

APEX