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

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You have credit card debt of $30,000 that has an APR (monthly compounding) of 16%. Each month you pay the minimum monthly payment only. You are required to pay only the outstanding interest. You have received an offer in the mail for an otherwise identical credit card with an APR of 11%. After considering all your alternatives, you decide to switch cards, roll over the outstanding balance on the old card into the new card, and borrow additional money as well. How much can you borrow today on the new card without changing the minimum monthly payment you will be required to pay?

Note: Make sure all calculations are held to at least five (5) decimal places.

Posted Date: Oct 31, 2021 02:36 PM

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

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Expert Answer:

Monthly Payment on old card 3000001612 4... View the full answer

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