read the information about two competing credit cards. credit card 1: interest rate - 0% introductory rate…

read the information about two competing credit cards. credit card 1: interest rate - 0% introductory rate, then 13.8% after one year; annual fee - none. credit card 2: interest rate - 12.1%; annual fee - no annual fee in the first year, then $30 each year thereafter. credit card 1 would be the better option if the borrower had major expenses in the first year. spent a lot of money in the second year. used the card regularly in the long term. carried a large balance in the long term.

read the information about two competing credit cards. credit card 1: interest rate - 0% introductory rate, then 13.8% after one year; annual fee - none. credit card 2: interest rate - 12.1%; annual fee - no annual fee in the first year, then $30 each year thereafter. credit card 1 would be the better option if the borrower had major expenses in the first year. spent a lot of money in the second year. used the card regularly in the long term. carried a large balance in the long term.

Answer

Brief Explanations:

Credit Card 1 has a 0% introductory rate for the first year and no annual - fee. So for major expenses in the first year, the borrower won't accrue interest and has no annual - fee cost. Credit Card 2 has a 12.1% interest rate from the start and an annual fee after the first year.

Answer:

had major expenses in the first year