Charged on any balances transferred

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Reference no: EM131568165

Your Christmas ski vacation was great, but it unfortunately ran a bit over budget. All is not lost: You just received an offer in the mail to transfer your $13,100 balance from your current credit card, which charges an annual rate of 20.9 percent, to a new credit card charging a rate of 11.5 percent.

How much faster could you pay the loan off by making your planned monthly payments of $280 with the new card? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Number of months

What if there was a 1 percent fee charged on any balances transferred? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Number of months

Reference no: EM131568165

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