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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 $13,000 balance from your current credit card, which charges an annual rate of 20.8 percent, to a new credit card charging a rate of 11.4 percent.

(Please just answer the second question; I need in terms of number of months)

How much faster could you pay the loan off by making your planned monthly payments of $275 with the new card?

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

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91564235

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