You receive a credit card application from shady bank, Financial Management

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You receive a credit card application from shady bank

You receive a credit card application from Shady Bank Savings and Loan offering an introductory rate of 1.6% per year, compounded month for the first six months, increasing thereafter to 17.9 percent compounded monthly. Assuming you transfer the $10,000 balance from your existing credit card and make no subsequent payments, how much interest will you owe at the end of the first year?

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