Question
You have a credit card with an APR of 24.99%, monthly compounding, that has a balance of $6,600. You want to transfer this balance to
You have a credit card with an APR of 24.99%, monthly compounding, that has a balance of $6,600. You want to transfer this balance to a different card with an APR of 8.99%, monthly compounding. Assuming that you will make minimum payments of $160 per month for either card, what transfer fee would make you ambivalent between transferring or not?
*Please Explain*
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Introduction To Institutions Management And Investments
Authors: Herbert Mayo
10th International Edition
1111820643, 9781111820640
