Tony wants to pay off his credit card balances within 12 months. He is trying to decide if he should use his $1,000 in savings to pay off part of the balances or if he should transfer the balances to a new card with a low introductory
rate. The new credit card has an introductory rate of 7% but charges a balance transfer fee of $75 for each balance
transfer. Evaluate Tony's options and recommend the debt management plan that would give him the lowest
monthly payment.
Credit Card A: $794
Credit Card B: $579