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Percent fee charged on any balances transferred

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Reference no: EM132815981

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 $14,500 balance from your current credit card, which charges an annual rate of 19.5 percent, to a new credit card charging a rate of 10.3 percent.

a. How much faster could you pay the loan off by making your planned monthly payments of $300 with the new card?

b. What if there was a 3 percent fee charged on any balances transferred?

Reference no: EM132815981

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