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 $12,000 balance from your current credit card, which charges an annual rate of 18.6 percent, to a new credit card charging a rate of 9.2 percent. How much faster could you pay the loan off by making your planned monthly payments of $225 with the new card? What if there was a 2 percent fee charged on any balances transferred?
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Input area Amount of debt 12000 Interest rate on current card 1...View the full answer
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Related Book For 
Fundamentals of Corporate Finance
ISBN: 978-0077861704
11th edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
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