Most credit card offers use compounding interest. this is usually called the annual percentage rate, or apr. when the interest is compounded frequently

When the interest is compounded frequently the balance grows faster.

Explanation:

As you saw in the question above, most credit cards use compound interest. This means that this card will charge a certain amount in relation to the value of the purchases you made using the card. For you to understand better, let's cite an example:

Let's say that your credit card charges a 10% fee on the amount of your invoice. Thus, if your bill is 100 dollars and you have not paid, next month the 10% interest will be applied to your debt and your bill will cost 110 dollars. If you do not pay again, you will be charged an additional 10% fee on your new debt and you must pay $ 121.

In summary, we can say that when the interest is compounded frequently the balance grows faster.

industry had made the u.s. the richest nation in the world at this time. the second industrial revolution caused growth in industry and transportation, which allowed increased trade between nations.

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