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Briar is planning to apply for a new credit card and is considering the following three choices. They are also planning to buy a $800 big screen television and plans to pay for this over a two-year period by making equal monthly payments.
Credit Card
Annual Interest Rate Annual Fee
MBNA True Line Master Card 8.99% $39
CIBC Select VISA Card 13.99% $29
American Express Essential Credit Card 12.99% $0
Problem 1: How much in total financing costs (interest costs and annual fees) for the CIBC Select Visa Card over the 2-year period (Hint: Total Financing Costs = Total Interest Costs + Total Annual Fees)?
Option 1: $179.76
Option 2: $176.16
Option 3: $177.67
Option 4: $181.22
Option 5: $178.45
Problem 2: How much in total financing costs (interest costs and annual fees) for the MBNA True Line Master Card over the 2-year period (Hint: Total Financing Costs = Total Interest Costs + Total Annual Fees)?
Option 1: $155.06
Option 2: $156.16
Option 3: $162.75
Option 4: $154.10
Option 5: $145.12
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