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Last year you forgot to pay a total of three department store monthly statements. Two of the three charged you a $35 fee for this and one store charged you $25. You also forgot to pay your monthly credit card bill twice and the credit card company penalized you $30 per oversight and raised the interest rate on your credit card balance of $400 to 18% from 8% for the remaining 4 months of the year. This year you switched to online banking with automatic payment. What did online banking with autopay save you?

Respuesta :

Answer:

$168

Explanation:

anthougo

Online banking with auto-payment saved you $160.

Data and Calculations:

Total fees for forgetting to pay monthly statements = $60 ($35 + $25)

Penalty on credit card = $60 ($30 x 2)

Penalty on interest rate from 8% to 18% = 10%

Increased interest expense = $40 ($400 x 10%)

The total savings through online banking with auto-payment = $160 ($60 + $60 + $40)

Thus, online banking with auto-payment saved you $160.

Learn more about online banking and penalty on credit card here: https://brainly.com/question/2772610 and https://brainly.com/question/2808739

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