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 exist12, 500 balance from your current credit card, which charges an annual rate of 20.3 percent, to a new credit card charging a rate of 10.9 percent.
How much faster could you pay the loan off by making your planned monthly payments of $250 with the new card? (Do not round intermediate calculations and round your final 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 final answer to 2 decimal places. (e.g., 32.16))
Number of months