You have credit card debt of $25,000 that has an APR (monthly compounding) of 15%. Each month you pay the minimum monthl

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You Have Credit Card Debt Of 25 000 That Has An Apr Monthly Compounding Of 15 Each Month You Pay The Minimum Monthl 1 (109.28 KiB) Viewed 21 times

You have credit card debt of $25,000 that has an APR (monthly compounding) of 15%. Each month you pay the minimum monthly payment only. You are required to pay only the outstanding interest. You have received an offer in the mail for an otherwise identical credit card with an APR of 10%. After considering all your alternatives, you decide to switch cards, roll over the outstanding balance on the old card into the new card, and borrow additional money as well. How much can be borrowed today on the new card, in total (the rolled over amount plus additional borrowings), without changing the minimum monthly payment you will be required to pay? Note: Make sure all calculations are held to at least five (5) decimal places. The original loan payment is $ (Round to the nearest cent.) How much can be borrowed today on the new card, in total (the rolled over amount plus additional borrowings), without changing the minimum monthly payment you will be required to pay? The amount can be $ (Round to the nearest dollar.)