Tanya has a balance of $1700 on a credit card with an apr of 24.2%, compounded monthly. about how much will she save in interest over the course of a year if she transfers her balance to a credit card with an apr of 10.8%, compounded monthly? (assume that tanya will make no payments or new purchases during the year, and ignore any possible late payment fees.)

Balance on credit card = 1700

We use compound interest formula

A =

Where P -> principal amount

r -> rate of interest

t-> years

n - > compounding period (monthly=12)

We consider two cases

Case 1: P= 1700, r=24.2%= 0.242 , t=1 , n= 12

Apply the formula , A =

= 2160.2423

Case 2: P= 1700, r=10.8%= 0.108 , t=1 , n= 12

Apply the formula , A =
= 1892.9664

Amount she saves = 2160.2423 - 1892.9664

= 267.2759

Interest saved = $267.28

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step-by-step explanation: