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You havo credit card debt of $25,000 that has an APR (monthly compounding) of 16%....

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Finance

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You havo credit card debt of $25,000 that has an APR (monthly compounding) of 16%. Each month you pay the mirimum montly payment. You are tequired of pay orly the cutstandng ittarast You have recoived an offer in the mail for an othenwise identicd credt card with an APR of 9%. Afler considering al your alternativos, you decise to swith cards. rel over the outatandng bslance on the old card into the new card, and borrow adsional money as well. How much can you borrow today on the new card without changing the minimum thorekly paymert yod will be required to pay? (Note: Bo careful not to round any intemediate steps less than six decimal ploces). Veu can borrow on the new card without changing the minimum monthly payment you wal be roquired to poy, (Round to the neareat dolar.)

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