The opening balance of one of the 31-day billing cycles for Lorenzo's credit card was $4100, but after 15 days Lorenzo made a payment of $2300 to decrease his balance, and it stayed the same for the remainder of the billing cycle. If his credit card's APR is 24%, how much more in interest would he pay for the billing cycle with the previous balance method than with the adjusted balance method?

Answer rating: 100% (QA)

To calculate the interest paid with the previous balance method we first find the average daily ... View the full answer