Existing credit card and make no subsequent payments

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You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of 2 percent per year, compounded monthly for the first six months, increasing thereafter to 18 percent compounded monthly. Assuming you transfer the $8,400 balance from your existing credit card and make no subsequent payments, how much interest will you owe at the end of the first year?

Reference no: EM131825049

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