Mathematics, 09.12.2020 01:00, bri9263
Tony wants to pay off his credit card balances within 12 months. He is trying to decide if he should use his $1,000 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 7% but charges a balance transfer fee of $75 for each balance
transfer.
Evaluate Tony's options and recommend the debt management plan that would give him the lowest
monthly payment.
Credit Card A: $794
Credit Card B: $579
A. Pay off Credit Card B using the savings. Transfer the balance of Credit Card A to the new
card.
B. Pay off Credit Card A using the savings. Transfer the balance of Credit Card B to the new card.
C. Pay off $500 from both Credit Card A and Credit Card B. Transfer the remaining balances
from both cards to the new card.
D. Pay off all of Credit Card A, and $206 of Credit Card B. Transfer the remaining balance of
Credit Card B to the new card.
Answers: 3
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