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  1. business
  2. accounting
  3. you have credt card debt of $30,000 that has an ap

You have credt card debt of $30,000 that has an APR (monthly compounding) of 16%....

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Accounting

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You have credt card debt of $30,000 that has an APR (monthly compounding) of 16%. Each month you pay the minimum monthy payment. You are roquired to pay only the outstaniding interest. You have recelved an offer in the mat for an otherwise identical ciedt card with an APR of 12%. Afer considering all your attemutres, you decide to switch cards, rot over the outstanding balance on the old card into the now card, and borrow addftional money as wel. How much can you bortow today on the new card without changing the minimum monthy payment you wir be required to pay? (Note: Be carnfil not to round any intermediate stops loss than six decimal places.) You can borrow \& on the new card without tanging the minimum monthly payment you wat be required to pay (Round to the nearest dolar.)

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