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You have credit card debt of $ 3 7 , 5 0 0 that has an APR ( monthly compounding ) of 1 8 %
You have credit card debt of $ that has an APR monthly compounding of Each month
you pay the minimum monthly payment. You are required to pay only the outstanding interest. You
have received an offer in the mail for an otherwise identical credit card with an APR of After
considering all your alternatives, you decide to switch cards, roll over the outstanding balance on the
old card into the new card, and borrow additional money as well. How much can you borrow today on
the new card without changing the minimum monthly payment you will be required to pay? Note: Be
careful not to round any intermediate steps less than six decimal places.
You can borrow $ on the new card without changing the minimum monthly payment you will be
required to pay. Round to the nearest dollar.
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