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 $15,000 balance from your current credit card, which charges an annual rate of 17.6 percent, to a new credit card charging a rate of 8.8 percent. (Round your answers to 2 decimal places, (e.g. 32.16.))

It would have taken months to pay the loan off with monthly payments of $590 on your current card.

By making your planned monthly payments of $590 on the new card, it would only take months.

If there was a 3 percent fee charged on any balances transferred, it would instead take months of $590 payments on the new card.