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Not sure if I'm on the right track with my financial calculator inputs (using TVM solver). Having difficulties with what N should be. 6. Davis

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Not sure if I'm on the right track with my financial calculator inputs (using TVM solver). Having difficulties with what N should be.

6. Davis owns a moving business and one of his trucks needs a new transmission along with some other repairs that will cost a total of $4785. He can use his credit card with an annual rate of 15.9% compounded daily that offers 2% cash back on all purchases made on the card or he can sign up with a new card company that is offering a $100 rebate the first time the card is used. This card has an annual rate of 14.2% compounded daily. Which card would be less expensive and by how much less if he can afford to pay back $350 per month? (use your financial application and fill in the appropriate inputs) $95.7 savings a. Existing Card (1 mark) N 12 1% = 15.2 PV = 478.5 PMT= 3S FV = Ply = 12 C/Y = _ 365 b. New Card (1 mark) $100 savings PMT=_350 N = 1% = PV = 478.5 FV = P/Y = -2 CIY = _365 6. Davis owns a moving business and one of his trucks needs a new transmission along with some other repairs that will cost a total of $4785. He can use his credit card with an annual rate of 15.9% compounded daily that offers 2% cash back on all purchases made on the card or he can sign up with a new card company that is offering a $100 rebate the first time the card is used. This card has an annual rate of 14.2% compounded daily. Which card would be less expensive and by how much less if he can afford to pay back $350 per month? (use your financial application and fill in the appropriate inputs) $95.7 savings a. Existing Card (1 mark) N 12 1% = 15.2 PV = 478.5 PMT= 3S FV = Ply = 12 C/Y = _ 365 b. New Card (1 mark) $100 savings PMT=_350 N = 1% = PV = 478.5 FV = P/Y = -2 CIY = _365

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