17. You receive a credit card application from Chameleon Banks Savings and Loan offering an introductory rate of 2.49 percent per year, compounded monthly for the first six months, increasing thereafter to 16 percent compounded monthly. Assuming you transfer the $10,000 balance from your existing credit card and make no subsequent payments, how much interest will you owe at the end of the first year? 18. You are saving to buy a $273,000 house. There are two competing banks in your area, both offering certificates of deposit yielding 6 percent. How long will it take your initial $96,000 investment to reach the desired level at Bank One, which pays simple interest? How long at Bank Two, which compounds interest monthly? a. Bank One b. Bank Two years years