You owe $976.34 on a credit card that has an interest rate of 10.75% apr. you pay $100.00 at the end of each month. 3. calculate the difference between the interest accrued by a $976.34 balance on the credit card and what $100.00 would earn in a savings account that has an interest rate of 2.75% apr over the span of one month.

Interest is the amount of money that is paid by the borrower of money for the use of money. It is taken by the lender of money in a certain rate of percentage.

It can be monthly, compounding, yearly or daily basis. It is an obligation of the borrower of money to pay the amount of interest to the lender.

Computation of difference between interest accrued and saving account interest:

According to the given information,

Interest accrued per month:

[tex]\text{Interest Accrued Per Month}=976.34\times\dfrac{10.75}{100}\times\dfrac{1}{12}\\\\\text{Interest Accrued Per Month}=$8.75[/tex]

Interest from savings account:

[tex]\text{Interest From Savings Account}=\$100\times\dfrac{2.75}{100} \times{1}{12} \\\\\text{Interest From Savings Account}=$0.23[/tex]

Difference between interest accrued and saving account interest:

[tex]= 8.75 - 0. 23\\\\= $8.52[/tex]

Then, finally, amount towards principal after $100 payment:

[tex](\$100-\$8.75)= \$91.25.[/tex]

Therefore, the Difference between interest accrued and saving account interest is 8.52.

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