SOLUTION: A credit card balance is $3500. The interest rate is 18%. The balance is paid off, saving an amount of interest over the following year. Determine interest saved. Not sure ho

Algebra ->  Customizable Word Problem Solvers  -> Misc -> SOLUTION: A credit card balance is $3500. The interest rate is 18%. The balance is paid off, saving an amount of interest over the following year. Determine interest saved. Not sure ho      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


   



Question 1207472: A credit card balance is $3500. The interest rate is 18%. The balance is paid off, saving an amount of interest over the following year. Determine interest saved.
Not sure how to solve.

Answer by greenestamps(13203) About Me  (Show Source):
You can put this solution on YOUR website!


How much is 18% interest on a balance of $3500?

That balance was paid off, making it unnecessary to pay that interest; that interest is what is saved.

ANSWER: 18% of $3500

(You can do the calculation)