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 14%. What was his monthly percentage rate? Round to the nearest hundredth of a percent.
b. Oscar was given a card with an APR of 21%. What was his monthly percentage rate? Round to the nearest hundredth of a percent.
c. If each of them had an average daily balance of $800 for a specific month, and had to pay a finance charge, how much more would Oscar pay than Felix?