Barney has a balance of $780 on a credit card with an APR of 31.3%, compounded monthly. About how much will he save in interest over the course of a year if he transfers his balance to a credit card with an APR of 19.1%, compounded monthly? (Assume that Barney will make no payments or new purchases during the year, and ignore any possible late-payment fees.)

Question

Mathematics

Aleah Donovan

26 October, 20:45

Barney has a balance of $780 on a credit card with an APR of 31.3%, compounded monthly. About how much will he save in interest over the course of a year if he transfers his balance to a credit card with an APR of 19.1%, compounded monthly? (Assume that Barney will make no payments or new purchases during the year, and ignore any possible late-payment fees.)

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Answers (1)

Know the Answer?

Mathias Frost · Answer 1

Barney can save

$119.66

in interest over the course of a year if he transfers his balance to a credit

card with an APR of 19.1%, compounded monthly. The correct answer between all

the choices given is the first choice or letter A.