Welcome to Westonci.ca, your one-stop destination for finding answers to all your questions. Join our expert community now! Our Q&A platform provides quick and trustworthy answers to your questions from experienced professionals in different areas of expertise. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.
Sagot :
The total amount is equal to the sum of principal and interest. Option C is correct. The amount on Card P increased by $3.43 more than the sum on Card Q.
What is a credit card?
A credit card is a payment card offered to users to enable the cardholder to pay a merchant for goods and services based on the cardholder's incurred debt.
The given data in the problem is;
Time period = 4 years
Increase rate for card p= 10. 19%,
principal for card P= $726. 19
principal for card Q = $855. 20
Increase rate for card Q= 8. 63%
The value obtained after the interest is commutative balance.
total cumulative balance in Card P = $1080.70
total cumulative balance in Card Q= $1,206.28.
Card P has a total cumulative balance of $1080.70 during the last four years, whereas Card Q has a total accumulated balance of $1,206.28.
When the principal is removed from the cumulative value, Card P would have earned more interest than Card Q based on the principal outlay.
Intreast for card P = $1080.70- $726.19 = $354.51
Intreast for card Q= $1206-$854.92=$351.08
The interest over the four years would be $354.51 and $351.08, respectively,
Hence option C is correct. Card P’s balance increased by $3. 43 more than Card Q’s balance.
To learn more about the credit card refer to the link;
https://brainly.com/question/14716152
We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.