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You have a credit card with a balance of $2,856.74 at a 14.75% APR. You decide to put $629.63/month toward reducing your debt. How much interest do you save in 1 full month?

Respuesta :

Aliwohaish12
629.63*0.1475/12=7.74

Answer:

Interest save in 1 full month=$7.74

Step-by-step explanation:

In this question we have given

credit card  balance,P = $2,856.74

rate,R=14.75%

monthly installment,n=$629.63

Therefore, Interest save in 1 full month=[tex]\frac{n\times R}{100\times 12}[/tex].............(1)

put values of n and R in equation (1)

[tex]\frac{629.63\times 14.75}{12\times 100}[/tex]

Interest save in 1 full month=$7.74

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