Two thousand dollars is borrowed for one year at an interest rate of 1.1% per month.
If the same amount of money can be borrowed at an interest rate
of 13.2% per year, how much could be saved in interest charges?
There would be no money saved because they are both the same. 1.1% per month is the same as 13.2% per year since 1.1 multiplied to 12 (the number of months in a year) is 13.2. Therefore, no money could be saved either way. Hope this helps!
