3. You owe your credit company $50,000 and plan to make no payments on your credit...
3. You owe your credit company $50,000 and plan to make no payments on your credit card for 1.0 year. Your credit card company currently charges you an APR of 20.0%. If you make efforts to improve your credit score by 100 points, your credit card company will adjust your APR by 4.0%. As the result of you efforts, how much less interest would you pay over 1.0 year?
-
$1,386
-
$2,000
-
$2,356
-
$2,443
-
$3,412
Homework Answers
$2000
The change is to the tune of 4% of interest on $50,000.
Hence amount of interest saved = 4%*50000 = $2000
Add Answer to:
3. You owe your credit company $50,000 and plan to make no
payments on your credit...
3. You owe your credit company $50,000 and plan to make no payments on your credit...
3. You owe your credit company $50,000 and plan to make no payments on your credit card for 1.0 year. Your credit card company currently charges you an APR of 20.0%. If you make efforts to improve your credit score by 100 points, your credit card company will adjust your APR by 4.0%. As the result of you efforts, how much less interest would you pay over 1.0 year? $1,386 $2,000 $2,356 $2,443 $3,412
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