Question: 5. Ross would like to purchase some items for his newly landscaped garden at a cost of $3275 and is trying to decide which of

5. Ross would like to purchase some items for his newly landscaped garden at a cost of $3275 and is trying to decide which of his credit cards to use. One credit card has an annual rate of 17.2% compounded daily with a 3% cash back on all purchases that is paid at the end of the year. His new credit card offers a $50 rebate the first time the card is used and has an annual rate of 15.8% compounded daily. Which would be his best option if he can afford to pay back $300 per month? How much would he save with the best option? Old card N = New card N = 1% = 1% = PV = PV = PMT = PMT = 11III FV = FV = P/Y = P/Y = C/Y = C/Y =

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