Barney has a balance of $780 on a credit card with an APR of 31.3%, compounded monthly.

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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 19.1%, compounded monthly?

Assume that Barney will make no payments or new purchases during the year, and ignore any possible late-payment fees?

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Personal Finance

ISBN: 978-0134724713

4th Canadian edition

Authors: Jeff Madura, Hardeep Singh Gill

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Posted Date: May 08, 2023 12:06 AM

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Barney has a balance of $780 on a credit card with an APR of 31.3%, compounded monthly.

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If Barney does not make any payments or new purchases then the balance of his credit card will remai... View the full answer

Personal Finance

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