Barney has a balance of $780 on a credit card with an apr of 31.3%, compounded monthly. about how much will he save in interest over the course of a year if he transfers his balance to a credit card with an apr of 19.1%, compounded monthly? (assume that barney will make no payments or new purchases during the year, and ignore any possible late-payment fees.)

Barney will save about $119.66.

Step-by-step explanation:

The compound interest formula is:

A=

Case 1:

when p = 780

r = 0.313

n = 12

t = 1

Putting the values in formula:

A = dollars

Interest accured = dollars

Case 2:

when p = 780

r = 0.191

n = 12

t = 1

Putting the values in formula:

A = dollars

Interest accured = dollars

Now difference in interest in both cases = dollars

Hence, Barney will save about $119.66.

there is no question content here, but you for the free points! : d