Card Name (APR %) Existing Balance Credit Limit
Bank of Gable (6.1%) $445.81 $3,000.00
Taylo...
Mathematics, 22.02.2022 15:20 allie2290
Card Name (APR %) Existing Balance Credit Limit
Bank of Gable (6.1%) $445.81 $3,000.00
Taylor Express (9.8%) $1,007.24 $2,500.00
ALTERNATE 1.9 Portfolio
You have $450.00 each month to pay off these two credit cards. You decide to pay only the interest on the lower-interest card and the remaining amount to the higher interest card. Complete the following two tables to help you answer questions 1โ3.
Higher-Interest Card (Payoff Option)
Month 1 2 3 4 5
Principal
Interest accrued
Payment (on due date)
End-of-month balance
Lower-Interest Card
Month 1 2 3 4 5
Principal
Interest accrued
Payment (on due date)
End-of-month balance
1) How long does it take to pay off the higher-interest card?
2) What is the amount of the last payment on the higher-interest card? Why?
Answers: 3
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