You have a credit card and the average balance on that card, year after year, is $4,000. The credit card company charges 21% annual interest on your average balance. How much extra money would you have to invest each year if you weren’t paying interest on that credit card debt?

A. $117

B. $840

C. $273

D. $791

Answers

Answer 1

The extra money to invest each year would be $ 840.

What is a Credit service?

This is a lending service offered by a credit company to a person, a business, etc., with the expectation that the loan would be returned with interest. It is in the business of giving loans, various types of credit, and credit information to individuals and businesses.

Given that,

Average balance = $ 4000

Annual Interest = 21%

Extra money = Average balance × Interest.

=4000 × 21%

= 4000 × [tex]\frac{21}{100}[/tex]

= 840.

Therefore, the extra money to invest each year would be $ 840.

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Related Questions

the poor state of facilities in your school is causing the student great concern as the senior prefect write a letter to the chairman of the board of the government highlighting the problems and requesting him to come to the aid of the school

Answers

Answer:

Dear Chairman of the Board of Government,

I am writing to you on behalf of the student body of our school to express our great concern regarding the poor state of facilities in our school. As the senior prefect, I feel it is my duty to bring this issue to your attention and request your urgent intervention.

Our school is in dire need of repairs and maintenance, particularly in our classrooms, laboratories, and library. Many of the chairs and tables in our classrooms are old and broken, making it difficult for us to sit and study comfortably. The laboratory equipment is outdated and often malfunctioning, which has led to a decline in the quality of science education in our school. Additionally, our library lacks modern resources, which limits our ability to access information and conduct research.

The poor state of our school facilities is not only affecting our academic performance but also our general well-being. We believe that every student deserves access to a safe and conducive learning environment, and it is disheartening to see the state of our school facilities.

Therefore, we urge you to intervene and provide the necessary resources to upgrade our school facilities. We believe that with your support, we can create a better learning environment for all students in our school. We look forward to your prompt response and action on this matter.

Thank you for your attention.

Yours sincerely,

[Your Name]

Senior Prefect, [School Name]

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