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Math and Economics The following table contains information about three fictitious credit cards: Passport, Traveler, and Explorer. This example assumes an average monthly bal- ance

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Math and Economics The following table contains information about three fictitious credit cards: Passport, Traveler, and Explorer. This example assumes an average monthly bal- ance of $2,500 (this is about the national average). On a separate sheet of paper, calculate the values for the Annual Finance Charge and Total Annual Cost to Consumer for each of the credit cards. Then, identify the card that is the best choice under these conditions. Terms Passport Traveler Explorer Average Monthly $2,500 $2,500 $2,500 Balance Annual Percentage 18% 17% Interest Rate (APR) 16% Annual Finance Charge Annual Fee $20 $20 $50 Total Annual Cost to Consumer

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