Solve the Problem $\$ 4261.15$ On a Credit Card with an Annual Percentage Rate (APR)

Multiple Choice

Solve the problem.
-Tom has a balance of $\$ 4261.15$ on a credit card with an annual percentage rate (APR) of $13.7 \%$ . His credit card requires a minimum monthly payment of $2 \%$ of the balance. If he transfers his balance to a credit card with an APR of $9.2 \%$ how much more of his first payment would be applied to reduce the principal than if he had not transferred his balance?

A) $\$ 15.98$ more will be applied to principal
B) $\$ 19.88$ more will be applied to principal
C) \$32.67 more will be applied to principal
D) $\$ 52.55$ more will be applied to principal