Mathematics: Jose wants to pay off his credit card balances within 18 months. he is trying to decide if he should use his $1,750 in savings to pay off part of the balances or if he should transfer the balances to a new card with a low introductory rate. the new credit card has an introductory rate of 8% but charges a balance transfer fee of $60 for each balance transfer. jose decides to pay off credit card b using his savings and then transfer the balance of card a to the new card. which of the following options

Jose wants to pay off his credit card balances

Ответ:

nkh69

05.06.2020

We are given with the following:
Credit Card A: $1,154
Credit Card B: $1,469
18 months to pay the credit card balances
Credit B introductory rate of 8% and transfer fee of $60

Since Jose decides to pay off Credit Card B using his savings and then transfer the balance of Card A to the new card.
He has enough savings to pay off all of the balance in Credit Card B and what's left is the balance in A. If the transfer costs $60 dollars, the new balance will be:
$1154 + $60 = $1214

Since the rate is 8%, the monthly payment will be
1214 (1.08) /12 = $71.80