Please Help me with this question and explain how to calculate

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 $13,100 balance from your current credit card, which charges an annual rate of 20.9 percent, to a new credit card charging a rate of 11.5 percent. a. How much faster could you pay the loan off by making your planned monthly payments of $280 with the new card? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. b. What if there was a fee of 1 percent charged on any balances transferred? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. a. Mumber of months b. Number of menths with 1 percent fee We need to use the amortization formula to calculate the number of months to pay off the loan. The formula is: _ log (77) log(1 + ) Where: e M = Monthly payment e P = Balance (loan amount) e 1 = Monthly interest rate * 1. = Number of months to pay off the loan Step 1: Convert Annual Interest Rate to Monthly Interest Rate Old card (not needed directly here but helpful for context): 20.9% 209 i Told o l0x