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You owe $ 5 , 000 on an American Express Card. This credit card charges a 23 % interest rate compounded monthly. a) Assuming you

You owe $ 5 , 000 on an American Express Card. This credit card charges a 23 % interest rate compounded monthly. a) Assuming you don't charge anything new to the card, what would your monthly payment be to pay off the credit card in 6 years? monthly payment: $ b) How much would you pay in total over 6 years? total paid: $ c) You have the option to transfer your balance to a different credit card. There is a cost of $ 100 , but the second card has an interest rate

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