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Chrissy currently has a credit card that charges 17 percent interest annually. She usually carries a balance of about $300. Chrissy has received an offer
Chrissy currently has a credit card that charges 17 percent interest annually. She usually carries a balance of about $300. Chrissy has received an offer for a new credit card with a teaser rate of 2 percent for the first three months; after that, the rate increases to 20.5 percent. Assume that interest is compounded daily and there are 365 days in a year. What will her total annual interest be with her current card? What will her interest be the first year after she switches? Should she switch based on the first year interest? What will her total annual interest be with her current card? Chrissy's total annual interest with her current card is $ (Round to the nearest cent.) What will her interest be the first year if she switches? Chrissy's total annual interest with the new card would be (Round to the nearest cent.) Should she switch based on the first year interest? Chrissy switch cards for the year because the interest on the new card would be the interest on her current card
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