You received a credit card application from Sun Bank offering an introductory raye of 2.9% per year compounded monthly for the first six months increasing thereafter to 17% compounded. monthly.
This offer is good as long as you transfer your current debt from your existing card.
Assuming that you will transfer $3,000 balance and that you will continue to make $100 monthly payment(without making any subsequent purchases) what would be the credit card balance at the end of the first year?