Question

Carl has a credit card with a balance of $5,260 and an APR of 21%. With the monthly payments he has been making, Carl would be able to pay off his credit card in 18 months. After receiving a promotional offer in the mail, Carl decides to transfer his balance to a new credit card with a 15% "introductory" APR for the first 12 months. After 12 months, the APR increases to 23%. How much will Carl save in finance charges (interest) if he pays off the credit card before the introductory APR expires? a. $285.38 b. $480.30 c. $789.00 d. $917.42

Answer 1

The Carl save in finance charges (interest) if he pays off the credit card before the introductory APR expires is $480.30

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Answer 2

Answer:

(B) $480.30

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