• 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?

  
  

Answer rating: 100% (QA)

Heres how to calculate and compare the debt for each user after a year User 1 Monthly ... View the full answer