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when i did this i got a different answer and the answer is supposed to be $68.49 for the new card. please explain! 6. Davis

when i did this i got a different answer and the answer is supposed to be $68.49 for the new card. please explain! image text in transcribed
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 provide the appropriate inputs) a. Existing Card N = 196 = PMT= PV = FV = P/Y C/Y b. New Card N = 1% PV = PMT= FV = P/Y = C/Y - $68.49 less if new card is used

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