Suppose Olivia has $6,840 in credit card debt on the VB credit card which has...
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Suppose Olivia has $ in credit card debt on the VB credit card which has annual interest rate of Olivia is considering transferring her debt to the LA credit card that offers interest for months. a If Olivia makes a payment of $ per month on the VB credit card, what will her balance be at the end of months? Assume that no additional charges are made to the card. Suggestion: You are trying to find the future value of a debt that has a present value of $ Use the formula for the future value of an ordinary annuity. Round your answer to the nearest cent. $ b If Olivia makes a payment of $ per month on the LA credit card, what will her balance be at the end of months? Assume that no additional charges are made to the card. Suggestion: None of the payment goes to interest on the debt. Round your answer to the nearest cent.$ c How much lower is the balance due after months on the LA credit card? Note: Some credit card companies may charge a transfer fee which will affect the benefit of a introductory rate. Assume that there is not a transfer fee. Round your answer to the nearest cent. $
Suppose Olivia has $ in credit card debt on the VB credit card which has annual interest rate of Olivia is considering transferring her debt to the LA credit card that offers interest for months.
a
If Olivia makes a payment of $ per month on the VB credit card, what will her balance be at the end of months? Assume that no additional charges are made to the card. Suggestion: You are trying to find the future value of a debt that has a present value of $ Use the formula for the future value of an ordinary annuity. Round your answer to the nearest cent.
$
b
If Olivia makes a payment of $ per month on the LA credit card, what will her balance be at the end of months? Assume that no additional charges are made to the card. Suggestion: None of the payment goes to interest on the debt. Round your answer to the nearest cent.$
c
How much lower is the balance due after months on the LA credit card? Note: Some credit card companies may charge a transfer fee which will affect the benefit of a introductory rate. Assume that there is not a transfer fee. Round your answer to the nearest cent.
$
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