Felix and Oscar applied for the same credit card from the same bank. The bank checked both of their FICO scores. Felix had an excellent credit rating, and Oscar had a poor credit rating.
a. Felix was given a card with an APR of 12%. What was his monthly percentage rate?
b. Oscar was given a card with an APR of 15%. What was his monthly payment?
c. If each of them had an average daily balance of $800 and had to pay a finance charge, how much more would Oscar pay than Felix?