Interest Rates

Start Timer

0:00:00

Upvote
1
Downvote
Save question
Mark as completed
View comments (9)

Let’s say we have two credit cards from two different people. The first user’s credit card has an interest rate of 5% APR on $500 of monthly spending. The second user’s interest rate is 1% APR on $1000 of monthly spending. Let’s say that each user pays off 60% of their statement each month.

Which user would owe more in a year?

.
.
.
.
.


Comments

Loading comments