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.)

A. $119.66
B. $445.14
C. $162.74
D. $282.40

@countonme123 @eddy1120 @ganeshie8

Question

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.)

 		A.	$119.66
 		B.	$445.14
 		C.	$162.74
 		D.	$282.40

@countonme123 @eddy1120 @ganeshie8

anonymous · Answer

which barney barney and friends? lol jk i will help you or try to at least

anonymous · Answer

lol ok

anonymous · Answer

i think it's c or a but not sure

anonymous · Answer

why

directrix · Answer

@divagirl421 I used the online interest calculator at this link: http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php For the 31.3% credit card balance for a year, the interest cranked out to be $ 282.40. For the 19.1% credit card balance for a year, the interest cranked out to be $ 162.74. So, subtract and determine how much Barney saved in interest fees.