You currently have a credit card that charges 16.99% interest. You usually carry a balance of...

Question

Question

business finance

Answer 1

Answer #1

a: Total interest on the first card = 16.99%*1000 = 169.9

b: Interest on the new card = 1000*6%*6/12 + 1000*24.99%*6/12 = 154.95

c: Hence we should make the switch toi save interest on the balance.

Answer 2

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