Question

Harold has a balance of $2200 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?

Answer 1

Harold has a balance of $2200 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 Harold will make no payments or new purchases during the year, and ignore any possible late payment fees.)

Answer 2

337.49