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Your Christmas ski vacation was great, but it unfortunately ran a bit over budget. All is...

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Finance

Your Christmas ski vacation was great, but it unfortunately rana bit over budget. All is not lost: You just received an offer inthe mail to transfer your $12,000 balance from your current creditcard, which charges an annual rate of 19.8 percent, to a new creditcard charging a rate of 10.4 percent. How much faster could you paythe loan off by making your planned monthly payments of $225 withthe new card? (Do not round intermediate calculations and roundyour final answer to 2 decimal places. (e.g., 32.16)) What if therewas a 2 percent fee charged on any balances transferred? (Do notround intermediate calculations and round your final answer to 2decimal places. (e.g., 32.16))

Answer & Explanation Solved by verified expert
4.2 Ratings (691 Votes)
PART 1 It will be paid 5767 months faster2 It will be paid off    See Answer
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