Tuesday
September 30, 2014

Homework Help: consumer math

Posted by Hanna on Monday, April 30, 2012 at 4:09pm.

You owe $1,350.00 on a credit card with a 14.25% APR. You pay $300.00 at the beginning of the month. How much interest do you save by paying at the beginning of the month versus at the end of the month?

second part:
Imagine you put the $300 in a savings account earning 3.0% APR instead of using it to pay down your credit card as in Problem 3. What is the difference between the interest your savings account would earn that month vs. the interest that would accrue on your credit card that month if you didn't use the $300 to pay it down?

I am confused please help

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Computer science - Paying Off Credit Card Debt Each month, a credit card ...
computer programming - Paying Off Credit Card Debt Each month, a credit card ...
computer programming - Paying Off Credit Card Debt Each month, a credit card ...
Math - Interest is a concept familiar to most people: every credit card in ...
finance - You have credit card debt of $25,000 that has an APR (monthly ...
Math - Anne now has a balance of $900 on her credit card, on which 1.5% interest...
com155 - Having a credit card could get someone into much trouble if it is not ...
consumer math - 1. Which of the following is an advantage of using credit cards...
Math - 1. Ling has received been approved for a Visa credit card with a $2000 ...
Banking - Becky has a balance of $2,000 on her credit card. Her minimum payment ...

Search
Members