Question

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.

You place the $100.00 in a savings account that earns a 2.75% APR. What is the difference in interest between savings earned and credit card interest paid

answer: $8.52

Answer 1

1. $976.34*1075= 104.96
976.34*104=871.38
2. 100.00*0275=2.75

Answer 2

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