Jesse saved about $85.77 in interest over the course of a year if he transfer from one credit card to another.
The interest accrued on saving is the interest gained on saving or investment over a period of time.
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The amount of money saved in interest by Jesse over a period of 12 months provided that the transferred his balance to a credit card is calculated as follows:
Amount saved = [tex]\mathbf{P_x(1 + \dfrac{r}{P_x})^{12}-P_y(1 + \dfrac{r}{P_y})^{12}}[/tex]
Amount saved = [tex]\mathbf{1200(1 + \dfrac{18.7}{1200})^{12} - 1200(1 + \dfrac{12.5}{1200})^{12}}[/tex]
Amount saved = $85.768
Amount saved = $85.77
Learn more about interest accrued on a savings here:
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