Simple Interest Annual Interest Rate and Total Cost Scenarios Discussion For this discussion, suppose you purchase a television for $1300.00 with a First P

Simple Interest Annual Interest Rate and Total Cost Scenarios Discussion For this discussion, suppose you purchase a television for $1300.00
with a First Premier credit card that has 79.9% APR. Assuming simple
interest and no monthly payments, how much interest will you owe at the
end 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% annual
interest rate. Assume simple interest. How much interest will your
account accrue at the end of 12 months? What will be the balance of your
account? In one scenario, you are the lender (to the bank) in the other
scenario the credit card company is the lender. Compare the two
different scenarios. Is this a fair situation and why? Next respond to
your peers’ post by explaining whether you agree or disagree with their
reasoning and why.In your initial post,
make sure you are answering all questions in the prompt. Including
showing all work and explaining your steps in words. Your initial post
should be at least 200 words in length.

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