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What is the total annual interest on the current credit card

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Reference no: EM131755828

Question: 1. You currently have a credit card that charges 15.99% interest. You usually carry a balance of $500. You receive an offer for a new credit card with a teaser rate of 10.99% for the first 6 month after that the rate goes up to 24.99%.

a) What is the total annual interest on the current credit card?

b) What will be the interest in the first year after you switch to the new card?

c) Should you switch? why?

2. You have a credit card that charges 18.99% on outstanding balances and 25% on cash advances. The closing date on the credit card is the first of each month. Last month you left a balance of $3800 on your credit card. This month you took out a cash advance of $800 and made $2600 in purchases. You made a payment of $2500. What will the total of your new balance going to be on your next credit card statement, taking into account finance charges?

Reference no: EM131755828

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