Question: *PLEASE SOLVE USING FINANCIAL CALCULATOR INPUTS* Your Christmas ski vacation was great, but it unfortunately ran a bit over budget. All is not lost: You

*PLEASE SOLVE USING FINANCIAL CALCULATOR INPUTS*

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 $12,100 balance from your current credit card, which charges an annual rate of 19.9 percent, to a new credit card charging a rate of 10.5 percent.

a. How much faster could you pay the loan off by making your planned monthly payments of $230 with the new card? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

b. What if there was a 3 percent fee charged on any balances transferred? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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