Your Christmas ski vacation was great, but it unfortunately ran a bit over budget. All is not lost, because you just received an offer in the mail to transfer your $ 10,000 balance from your current credit card, which charges an annual rate of 18.6 %, to a new credit card charging a rate of 8.6 %. How much faster could you pay the loan off by making your planned monthly payment of $ 160 with the new card? What if there was a 3 % transfer fee charged on any balances transferred?

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