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13. Rashid wants to become debt-free in 3 years. He has two credit cards on which he makes monthly payments: Card 1 has a balance
13. Rashid wants to become debt-free in 3 years. He has two credit cards on which he makes monthly payments: Card 1 has a balance of $1023.41 and charges an interest rate of 18.2%. compounded daily. Card 2 has a balance of $1622.96 and charges an interest rate of 17.1%, compounded daily. He wants to consolidate his debts with his line of credit that charges 8.7%, compounded monthly, which he will pay off with regular monthly payments. How much interest will he save by consolidating his debts? (6 marks)
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