Question

Please help me-- financial math!!

The balance on Taylor's credit card is $2000. It has an interest rate of 12.5%. She wants to compare the difference between paying $75 and $100 of the monthly balance. How much does she save in interest and fees if she pays $100 instead of $75?

Answer 1

Explanation:

2000 * .125/12 = $20.83

at $100 remaining balance = $1920.81

at $75 remaining balance = $1945.81