Welcome to Westonci.ca, where you can find answers to all your questions from a community of experienced professionals. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.
Sagot :
Simple interest is a method of calculating interest on an amount for n period of time with a rate of interest of r. Both the cards have the same cost of credit.
What is simple interest?
Simple interest is a method of calculating interest on an amount for n period of time with a rate of interest of r. It is calculated with the help of the formula,
SI = PRT
where SI is the simple interest, P is the principal amount, R is the rate of interest, and T is the time period.
The interest on $12,000 will be,
SI = $12,000 × 3 × 0.212 = $7,632
The interest on $24,000 will be,
SI = $24,000 × 3 × 0.106 = $7,632
Hence, both the cards have the same cost of credit.
Learn more about Simple Interest:
https://brainly.com/question/2793278
#SPJ1
We hope this was helpful. Please come back whenever you need more information or answers to your queries. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.
