Simple Interest Annual Interest Rate and Total Cost Scenarios Discussion

For this discussion, suppose you purchase a television for $1300.00with a First Premier credit card that has 79.9% APR. Assuming simpleinterest and no monthly payments, how much interest will you owe at theend of 12 months? What will the total cost of the television be?
Suppose you open a savings account with $1300.00 at a 0.5% annualinterest rate. Assume simple interest. How much interest will youraccount accrue at the end of 12 months? What will be the balance of youraccount?
In one scenario, you are the lender (to the bank) in the otherscenario the credit card company is the lender. Compare the twodifferent scenarios. Is this a fair situation and why? Next respond toyour peers’ post by explaining whether you agree or disagree with theirreasoning and why.
In your initial post,make sure you are answering all questions in the prompt. Includingshowing all work and explaining your steps in words. Your initial postshould be at least 200 words in length.

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