You have a credit card with an APR of 24.99%, monthly compounding, that has a balance of $6,600. You want to transfer this balance to a different card with an APR of 8.99%, monthly compounding. Assuming that you will make minimum payments of $160 per month for either card, what transfer fee would make you ambivalent between transferring or not?

Answer rating: 100% (QA)

Firstly lets find out how much interest will be accumulated over time if we pay off the balance on t... View the full answer