Elana works an average of 60 hours each week. she wants to have a great work-life balance. how can she improve her social/emotio
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Given:
Initial balance: 2,500
introductory APR: 3.9% for the first 3 months
standard APR: 28.8% for the last 9 months.
3.9% / 100% = 0.039
0.039 / 360 * 30 = 0.00325 monthly rate for the 1st 3 months.
28.8% / 100% = 0.288
0.288 / 360 * 30 = 0.024 monthly rate for the next 9 months.
The total balance at the end of the year is 3,125.12
If Standard APR was used all through out, the total balance at the end of the year would be: 3,323.07
Introductory APR helped save:
3,323.07 - 3,125.12 = 197.95
Pls see attachment for the table I made:
Interest = Previous balance * interest rate
Ending balance = previous balance + interest
Initial balance: 2,500
introductory APR: 3.9% for the first 3 months
standard APR: 28.8% for the last 9 months.
3.9% / 100% = 0.039
0.039 / 360 * 30 = 0.00325 monthly rate for the 1st 3 months.
28.8% / 100% = 0.288
0.288 / 360 * 30 = 0.024 monthly rate for the next 9 months.
The total balance at the end of the year is 3,125.12
If Standard APR was used all through out, the total balance at the end of the year would be: 3,323.07
Introductory APR helped save:
3,323.07 - 3,125.12 = 197.95
Pls see attachment for the table I made:
Interest = Previous balance * interest rate
Ending balance = previous balance + interest