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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:
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