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PLEASE(show the steps and formulas!(not just factor form)) Question 2.2 (10pts) A credit card offers an introductory rate of 6% compounded monthly for the first

PLEASE(show the steps and formulas!(not just factor form))

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Question 2.2 (10pts) A credit card offers an introductory rate of 6% compounded monthly for the first six months, increasing thereafter to 12% compounded monthly. This offer is good as long as you transfer your current debt from your existing card. Assuming that you will transfer $4,000 balance and that you will continue to make $300 monthly payment (without making any subsequent purchases), what would be the credit card balance at the end of the first year? A) $594.68 B) $651.44 C) $733.30 D) Answers A, B and C are not correct

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