Wilson has a balance of $890 on a credit card with an apr of 18.7%, 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 12.5%, compounded monthly? (assume that wilson will make no payments or new purchases during the year, and ignore any possible late-payment fees.)

He will save $ 63.61 ( approx ).

Step-by-step explanation:

Since, the credit card balance formula,

Where,

P = Original balance

r = rate per period,

t = number of periods,

If P = $ 890,

Annual interest rate = 18.7% = 0.187 ⇒ monthly rate, r =   ( ∵ 1 year = 12 months )

Number of years = 1 ⇒ months, t = 12,

Thus, the balance after  year,

If Annual interest rate = 12.5% = 0.125 ⇒ monthly rate, r =  

The balance would be,

Since,

Hence, he will save $ 63.61 ( approx ).

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