A student receives an offer from a credit card company offering debt consolidation onto a new credit card. The student currently has a balance of $6,214 on a card with an APR of 18.99%. . What is the minimum payment (that covers interest only)? If the student can afford a monthly payment of $153, how long does it take to pay off the balance and what is the total payment cost to clear the debt? For a fee of 5%, the student can consolidate their credit card debt to the new card which offers an introductory 0% APR for 12 months. After 12 months, the remaining balance accrues interest at an APR 22.99%. The student will make the same size payments on the new card. What is the total payment made on the new card compare to the old? Is this student justified in swapping to the new credit line