Angelo has a savings account worth $1000 that earns 2% interest, a student loan of $40,000 that charges 4.6% interest, and a credit card bill that has $1500 on it with a 23.4% interest rate. He has a budget surplus of $300 at the end of the month. What should he do with the $300?

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10-01-2022
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Angelo has a savings account worth $1000 that earns 2% interest, a student loan of $40,000 that charges 4.6% interest, and a credit card bill that has $1500 on it with a 23.4% interest rate. He has a budget surplus of $300 at the end of the month. What should he do with the $300?

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-01-18T12:57:46+01:00

Based on the information given what he should with the $300 is: Pay it toward his credit card bill, because it has the highest interest rate.

What is interest rate:

Interest rate can be defined as the amount that is charge on the amount borrowed or loan amount.

Based on the given details the interest rate given are;

Saving account=2% of $1,000

Student loan=4.6% of $40,000

Credit card bill=23.4% of $1,500

We can see that credit card bill has the highest interest rate of 23.4%, therefore the budget surplus amount of $300 should be paid toward the credit card bill because it has the highest interest rate.

Inconclusion what he should with the $300 is: Pay it toward his credit card bill, because it has the highest interest rate.

Learn more about interest rate here:https://brainly.com/question/16134508