Question

Marcia has two credit cards and would like to consolidate the two balances into one balance on the card with the lower interest rate. the table below shows the information about the two credit cards marcia currently uses. card a card b amount $1,389.47 $1,065.32 apr 16% 12% monthly payment $39.38 $28.05 after 4 years, approximately how much will marcia have saved in interest by consolidating the two balances? a. $1,890.24 b. $133.92 c. $543.84 d. $1,346.40 please select the best answer from the choices provided. a b c d

Answer 1

The amount save by Marcia in interest by consolidating the two balances is $133.92.

What is the total payment for APR of 16%?

The total monthly payment for APR of 16% is calculated as follows;

Total monthly payments for 16% =$39.38x48 = $1890.24

What is the total payment for APR of  12%?

Total monthly payments for 12% APR = $36.59*48 = $1756.32

Amount saved by Marcia

A = $1890.24 - $1756.32

A = $133.92

Learn more about APR here: https://brainly.com/question/2772156

#SPJ4