How much interest will you owe at the end of the first year

Reference no: EM133273638

Question - You receive a credit card application from Thode Bank offering an introductory rate of .5% per year, compounded monthly for the first six months, increasing thereafter to 17% compounded monthly. Assuming you transfer the $6,000 balance from your existing credit card and make no subsequent payments, how much interest will you owe at the end of the first year?

Reference no: EM133273638

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