1 Your Thanksgiving ski vacation was great, but unfortunately it ran a bit over budget. All is not lost. You just received an offer in the mail to transfer your $9,000 balance from your present credit card that charges you an annual rate (APR) of 2 21.6 percent to a new credit card charging an APR of 9.0 percent. 3 4 a. How much faster could you pay off the credit card balance by making your planned monthly payments of $200 with the new card? 5 6 b. What is the total amount of interest you will pay on the $9000 balance if you repay it at $200 per month at your original 21.6 percent interest rate? 7 8 c. If you want to pay off your entire $9,000 balance within one year, at the 9.0 percent APR, what must your monthly payment be? 9 LO 1 1 Your Thanksgiving ski vacation was great, but unfortunately it ran a bit over budget. All is not lost. You just received an offer in the mail to transfer your $9,000 balance from your present credit card that charges you an annual rate (APR) of 2 21.6 percent to a new credit card charging an APR of 9.0 percent. 3 4 a. How much faster could you pay off the credit card balance by making your planned monthly payments of $200 with the new card? 5 6 b. What is the total amount of interest you will pay on the $9000 balance if you repay it at $200 per month at your original 21.6 percent interest rate? 7 8 c. If you want to pay off your entire $9,000 balance within one year, at the 9.0 percent APR, what must your monthly payment be? 9 LO 1