You have decided to take a trip to the Caribbean. You have saved some money, but the cost of the trip is higher than you expected. Because of this, you have decided to use a credit card to help you pay for some of the costs. If you plan to add $1950 to a credit card, how much interest will you need to pay in each case? Which card would you choose and why? Explain.

You have three credit cards to choose from:

Credit Card X

Annual interest rate is 19.5 %
Full amount will be paid off after seven months

Credit Card Y

6-month interest rate is 11 %
Full amount will be paid off after six months

Credit Card Z

Annual interest rate is 17.5 %
Full amount must be paid off after eight months