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You currently have a credit card that charges 15.99% interest. You usually carry a balance...

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Finance

You currently have a credit card that charges 15.99% interest. You usually carry a balance of $500. You receive an offer for a new credit card with a teaser rate of 9.99% for the first 6 monthafter that the rate goes up to 24.99%. a) What is the total annual interest on the current credit card? b) What will be the interest in the first year after you switch? C) Should you switch? why?

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