You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of 3.3 percent per year, compounded monthly for the first six months, increasing thereafter to 18.2 percent compounded monthly.

Required: Assuming you transfer the $16,000 balance from your existing credit card and make no subsequent payments, how much interest will you owe at the end of the first year? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Hello,

So I am using a BA II PLUS for my calculations.

So for my first input to my calculator I put in

PV= 16,000

I/y= 3.3/12

n=6

CMPT FV= 16265.82

Then I take this one and I get

PV= 16265.82

i/y= 18.2/12

n=6

CMPT FV= 17803.28

Then I take both FVs and get a difference of 1537.46, but the program I am using says I am wrong. What Am I doing wrong, if you can show me on my steps what I did wrong or the actual calculations usings equations that would be much appreciated!

Thank you!