compare a simple interest rate of 11% and a simple interest rate of 13%for a 400 credit card
To compare the simple interest rates of 11% and 13% for a $400 credit card, we need to calculate the total amount of interest paid over a given period of time.
11% interest on a $400 credit card:
Total interest = Principal amount * Interest rate
= $400 * 0.11
= $44
13% interest on a $400 credit card:
Total interest = Principal amount * Interest rate
= $400 * 0.13
= $52
Therefore, the total amount of interest paid for a credit card with an 11% simple interest rate is $44, while for a credit card with a 13% simple interest rate, it is $52.