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 $12,500 balance from your current credit card, which charges an annual rate of 20.3 percent, to a new credit card charging a rate of 10.9 percent.

How much faster could you pay the loan off by making your planned monthly payments of $250 with the new card? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Number of months?_____

What if there was a 1 percent fee charged on any balances transferred? Number of months_____?