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After extensive research, you have narrowed down your credit card options to two cards you will be choosing from. The Visa has an annual fee of $50 while the MasterCard has no annual fee. The average daily balance you expect to carry throughout the year is $1000. The annual interest rate on the Visa is 15% and the annual interest rate on the MasterCard is 20%. Calculate the total annual expenses of carrying the $1000 balance for each card. Then choose which credit card you would choose and explain why. Take into account that you may end up paying off the total balance each month. Please show your work to receive credit. Please use the example on pg. 201 as a guide when calculating the cost of each card and refer to the example below.

After extensive research you have narrowed down your credit card options to two cards you will be choosing from. The Visa has an annual fee of $50 while the MasterCard has no annual-fee. The average daily balance you expect to carry throughout the year is $1000. The annual interest rate on the Visa is 15% and the annual interest rate on the MasterCard is 20%. Calculate the total annual expenses of carrying the $1000 balance for each card. Then choose which credit card you would choose and explain why. Take into account that you may end up paying off the total balance each month. Please show your work to receive credit. Please use the example on pg. 201 as a guide when calculating the cost of each card and refer to the example below

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