George Johnson recently inherited a large sum of money; he wants to use a portion of this money to set up a trust fund for his t
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Credit cards are the card which is given by banks to the customers for withdrawing some amount beyond the account balance. The card I's is increased by $1579.3 than card H.
<h3 /><h3>What is a credit card?</h3>A credit card refers to a payment mechanism that helps both consumer and commercial business proceedings, including purchases and cash advances.
Computation of credit card's balance:
<u>Amount of </u><u>Card H </u><u>after 3 years:</u>
Given,
Principal(P) = $1,186.44
Interest Rate(r) = 14.74%
Number of time period(n) = 3 years.
Applying the above values in the formula given in the question:
<u>Amount of</u><u> Card I </u><u>after 3 years:</u>
Principal(P) = $1,522
Interest Rate(r) = 12.05%
A number of the time periods (n):
Again, apply the above values in the formula given in the question:
Now we take the difference between both the credit cards, we have:
Therefore, card H's balance is decreased by $1579.3 than a card I.
Learn more about credit cards, refer to: