**WILL GIVE BRAINLIEST** Example 2: Leonardo saw the new sound system he wanted for $2623.95, including taxes. He had to buy it on

credit and had two options:

-

Use his new bank credit card, which has an interest rate of 14.5% compounding daily (Because the this

credit card is new, he has no outstanding balance from the previous month)

Apply for the store credit card, which offers an immediate rebate of $100 on the price, but has an interest

rate of 19.3%, compounded daily.

As with most credit cards, Leonardo would not pay any interest if he paid off the balance before the due date on

his first statement. However, he cannot afford to do this. Both cards require a minimum monthly payment of 2.1%

on the outstanding balance, but Leonardo is confident that he can make regular payments of $110.