Suppose you have accumulated a credit card balance of $$700,$ at an annual interest rate of $12$ percent. You are also planning to of new savings account that accumulates interest at an annual rate of $1$ percent. You just got your paycheck and have $$200$ that you use either to pay down your debt or open your savings account.

Instructions: Round your answers to the nearest whole number.

a$.$ If you use the full $$200$ to pay down your debt, what will your credit card balance be in one year? Assume no additional credit c payments during this time.

$

b$.$ If you put the full $$200$ into your savings account, what will be the balance in your savings account in one year? Assume no additional payments or deposits during this time. $

What will your credit card balance be$?$ $

c$.$ In one year, how much money will you have lost if you deposit the $$200$ in your savings account compared to paying down your credit card? $

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