Mathematics, 11.02.2020 08:29 07corcum85504

You have a credit card with an interest rate of 24.49% APR on purchases.

The statement balance shows $5,048.13.

You make the minimum payment of $200 by the due date on the statement, leaving an outstanding balance on the card of $4,848.13.

How much money would you save by paying off the balance 1 day later as opposed to paying it off 25 days later?

Remember that credit card interest compounds daily.

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