1) Student A has a credit balance of $20,000. The annual effective interest rate on the credit card is 20%. Student A ta

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1) Student A has a credit balance of $20,000. The annual effective interest rate on the credit card is 20%. Student A ta

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1 Student A Has A Credit Balance Of 20 000 The Annual Effective Interest Rate On The Credit Card Is 20 Student A Ta 1
1 Student A Has A Credit Balance Of 20 000 The Annual Effective Interest Rate On The Credit Card Is 20 Student A Ta 1 (20.95 KiB) Viewed 31 times
1) Student A has a credit balance of $20,000. The annual effective interest rate on the credit card is 20%. Student A takes out a home equity loan to pay off her credit card balance. The interest rate equity loan is 5%. Ignoring taxes, how much does this strategy save Student A, assuming she pays off the loan in full 18 months from now?
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