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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Related Book For  answer-question

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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