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1. you owe $976.34 on a credit card that has an interest rate of 10.75% apr. you pay $100.00 at the end of each month. calculate the difference between the interest accrued by a $976.34 balance on the credit card and what $100.00 would earn in a savings account that has an interest rate of 2.75% apr over the span of one month.



2. how much is paid toward the credit card principal at the end of the first month?

Respuesta :

anthougo

The difference between the interest accrued by a $976.34 credit card and $100.00 in a savings account with an APR interest of 2.75% over one month is $8.52.

What is interest?

Interest refers to the finance charge levied on a loan (e.g. a credit card balance) and the revenue received by the lender or saver.

Data and Calculations:

Credit card balance = $976.34

Interest rate (APR) = 10.75%

Monthly payment = $100

Interest accrued on $976.34 = $8.75 ($976.34 x 10.75% x 1/12)

Interest on savings account of $100 = $0.23 ($100 x 2.75% x 1/12)

Difference in interest over the card and account = $8.52 ($8.75 - $0.23)

The difference between the interest accrued by a $976.34 credit card and $100.00 in a savings account with an APR interest of 2.75% over one month is $8.52.

Learn more about interest payments at https://brainly.com/question/2151013

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