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    A2 CC Question

    Uploaded by

    Benjamin Young
    Morgan has £2,000 in credit card debt at 19.9% APR and £1,000 left on his car loan at 7% APR. He has been offered a new credit card with 0% interest for the first 12 months, increasing to 29.9% after that.

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    A2 CC Question

    Uploaded by

    Benjamin Young
    190 views2 pages
    Morgan has £2,000 in credit card debt at 19.9% APR and £1,000 left on his car loan at 7% APR. He has been offered a new credit card with 0% interest for the first 12 months, increasing to 29.9% after that.

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    Morgan has £2,000 in credit card debt at 19.9% APR and £1,000 left on his car loan at 7% APR. He has been offered a new credit card with 0% interest for the first 12 months, increasing to 29.9% after that.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    190 views2 pages

    A2 CC Question

    Uploaded by

    Benjamin Young
    Morgan has £2,000 in credit card debt at 19.9% APR and £1,000 left on his car loan at 7% APR. He has been offered a new credit card with 0% interest for the first 12 months, increasing to 29.9% after that.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    Morgan is 23 years old and has a credit card balance of £2 000 at 19.9% APR.

    He also has £1 000 left to pay on his car loan over the next 12 months at 7% APR. Morgan is
    considering transferring all of his current debts onto a new credit card. He has been offered a
    new credit card at 0% interest for the first 12 months, increasing to 29.9% on any outstanding
    balance after the 12 month period.

    1 Discuss whether Morgan should transfer his debt onto the new credit card offering 0% interest
    for 12 months. (6)

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