CONSUMER MATH!!
Your friend wants to borrow $1,137.45 from you to pay off a credit card that charges a 14.7% APR. You agree to the loan but require your friend to pay you interest of 3.6% APR on the loan and your friend agrees.

How much interest does your friend save compared to the credit card at the end of the first month?

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kenlingdad kenlingdad · Answer 1 · 2019-12-21T00:00:01+01:00

Answer:

$10.52

Step-by-step explanation:

(1137.45 x 14.7%) / 12 - (1137.45 x 3.6%) /12 = 10.52

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abiolataiwo2015 abiolataiwo2015 · Answer 2 · 2022-05-12T12:35:18+02:00

The amount of interest that your friend save compared to the credit card at the end of the first month is $10.5.

First step

Interest at 14.7% APR

Interest=(1137.45 x 14.7%) / 12

Interest=$13.9

Interest at 3.6% APR

Interest=(1137.45 x 3.6%) /12

Interest = $3.4

Second step

Interest saved=$13.9-$3.4

Interest saved=$10.5

Therefore the amount of interest that your friend save compared to the credit card at the end of the first month is $10.5.

Learn more about interest here: https://brainly.com/question/16134508

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