Suppose you have accumulated a credit card balance of $700, at an annual interest rate of 12 percent. You are also planning to open a new savings account that accumulates interest at an annual rate of1 percent. Youjust got your paycheck and have $200 that you can use either to pay down your debt or open your savings account Instructions: Round your answers to the nearest whole number. at 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 card payments during this time. 15-0- 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; 35 0- What will your credit card balance be? $ 9. 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? $ |:| . Suppose you have accumulated a credit card balance of $700, at an annual interest rate of 12 percent. You are also planning to open a new savings account that accumulates interest at an annual rate ofl percent. Youjust got your paycheck and have $200 that you can use either to pay down your debt or open your savings account. Instructions: Round your answers to the nearest whole number. a. lfyou use the full $200 to pay down your debt, what will your credit card balance be in one year? Assume no additional credit card payments during this time. $ b. 560 o. 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. $ 202 0. C. What will your credit card balance be? $ 0. 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? $ 784