Question

You have two credit cards one has a balance of $3745 at a 6.25% APR and the other has a balance of $1045 and is dependent upon your credit score your score is 500 how much total interest is occurred in the first month

Answer 1

we only know what the rate of one card is, so 3745*.0625 = 234.0625

$234.06 interest in the first month

Answer 2

3745 * .0625 / 12 + 1045 * .1025 / 12 = 28.43

the closest is 28.44