Hello,

Need help with this question.

Would appreciate if you used a financial calculator so I know what buttons to use. Thanks.

5. The due date for the balance of $2,000 on your credit card is tomorrow and you have only enough money to survive the next six months without paying this debt. In six months you will have enough money to pay oft the debt. The credit card company charges 18% pa, compounded monthly. Kneecap Finance offers a better rate, 16%, compounded weekly (assumes weeks in a year). 52 (a) Should you borrow $2,000 from Kneecap to pay the credit card bill? Assume there are 26 weeks in six months. (b) Suppose you were earning enough money each week during the next six months that you could repay a loan in the usual form of blended pay- ments (principal and interest). How much would you pay each week if you borrowed $2,000 for six months from Kneecap? n reality, there is a bit of a problem comparing the two alternatives by assuming there are 26 weeks in six months. You can do it mechanicall but do credit card compaies all charge interest on part months