1. You currently have a credit card that charges 16.99% interest. You usually carry a balance of $1000. You receive an offer for a new credit card with a teaser rate of 6% for the first 6 monthafter that the rate goes up to 24.99%. a) What is the total annual interest on the current credit card? b) What will be the interest in the first year after you switch? C) Should you switch? why?