Your Christmas ski vacation was great, but it unfortunately ran a bit over budget. All is not
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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 $15,000 balance from your current credit card, which charges an annual rate of 17.5 percent, to a new credit card charging a rate of 8.9 percent. How much faster could you pay the loan off by making your planned monthly payments of $250 with the new card? What if there was a fee of 2 percent charged on any balances transferred?
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We will calculate the number of periods necessary to repay the balance with no fee first We need to ...View the full answer
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Related Book For
Fundamentals of Corporate Finance
ISBN: 978-1260153590
12th edition
Authors: Stephen M. Ross, Randolph W Westerfield, Robert R. Dockson, Bradford D Jordan
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