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Point 1: William Bunting has credit card debt of $13800. He is considering increasing his home mortgage loan to pay it off. The credit card and home mortgage interest rates are 12.40% and 1.90%. Both loan types are computed on monthly stops. He is intending to increase his home mortgage payments so as to amortise the credit card debt over five years.

Question a) How much would he save by transferring his credit card debt to his mortgage?

Reference no: EM132494408

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