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  1. a) A typical credit card charges % interest.
  2. The interest charged on a balance of on à credit card in I week may be (clicle one)
    MORE THAN
    THE SAME ÀS
    LESS THAN
    the interest earmed on remaining in a savings acepunt in 1 уеаг:

Ask by Ray Osborne. in Canada
Jan 24,2025

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A typical credit card charges 20% interest. The interest on $800 for one week on a credit card is more than the interest earned on $800 in a savings account for one week.

Solución

Sure, let’s break down and address each part of your question:

20) a) A typical credit card charges % interest.

Answer: 20%
Explanation:
  • Typical Credit Card APR: Most credit cards charge an Annual Percentage Rate (APR) ranging from 15% to 25%. However, 20% is a common average used for illustrative purposes in many math problems and real-life scenarios.

5) The interest charged on a balance of $800 on a credit card in 1 week may be (circle one)

Options:
  • MORE THAN
  • THE SAME AS
  • LESS THAN
Answer: MORE THAN
Explanation:
  • Credit Card Interest:
    • APR Example: Let’s assume an APR of 20%.
    • Weekly Interest Rate: per week.
    • Interest on $800: .
  • Savings Account Interest:
    • APR Example: A typical savings account might offer around 1% APR.
    • Weekly Interest Rate: per week.
    • Interest on $800: .
  • Comparison:
    • Credit Card Interest ($3.08) is MORE THAN the Savings Account Interest ($0.15).

Summary:

  • 20) a) A typical credit card charges 20% interest.
  • 5) The interest charged on a balance of $800 on a credit card in 1 week is MORE THAN the interest earned on $800 in a savings account in 1 week.

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Mind Expander

Did you know that credit card interest rates can vary widely, often ranging between 15% to 30%? This means if you carry a balance, your debt can snowball quickly due to compound interest. It’s a crucial reminder to be mindful of how you use credit cards, as high-interest charges can lead to significant financial strain.
On the flip side, savings accounts typically offer much lower interest rates, often around 0.01% to 2% annually. So, if you compare the interest charged on that $800 credit card balance after just one week against what you might earn in a year from a savings account, you’ll find that credit card interest can definitely exceed that measly savings interest! It’s a great reason to pay off credit card debt promptly to avoid those hefty charges!

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