You receive a bonus at work that is worth $1000 after taxes. You have the option to save the $1000 in a savings account that earns 1% interest per year, or to pay off a credit card that has a $900 balance with a 12% interest rate per month. You can only afford to make the minimum payment each month on the credit card.
After one year, which choice would be MOST financially beneficial to you: putting the money in the savings account, or paying off the credit card? Explain your reasoning